Coastal Contracts is eyeing to resume its uptrend rebound as it bounced off the 21-day average line to hit the MYR2.60 immediate resistance yesterday. If a breakout above that level occurs, the bullish bias should propel the stock towards MYR2.68 – its YTD high – followed by the MYR3.00 mark. Conversely, the counter may reverse its direction if it falls below the MYR2.50 support, forming a “lower low” bearish structure below the average line.

Source: RHB Securities Research - 19 Jan 2023