L&P Global is set to resume its uptrend following a recent pullback. It broke past MYR0.55 yesterday on high trading volume to form a “higher high” bullish structure. If the breakout sustains, the bulls will drive the stock towards the MYR0.60 resistance level (11 Jan’s high), before reclaiming its all-time-high of MYR0.615, which was printed on 10 Jan. Conversely, the counter may reverse its direction if it falls below the MYR0.52 support level, forming a “lower low” bearish structure.

Source: RHB Securities Research - 26 Jan 2023