Leform is set to propel towards its 5-week high as it bounced off the 21-day SMA line, breaking above the MYR0.22 immediate resistance yesterday and forming a “higher high” bullish pattern. The bullish bias above that breakout level may set the stock to climb towards the 5-week high of MYR0.24, followed by the MYR0.25 next resistance, ie 8 Feb’s high. However, if the stock falls below the support of MYR0.20, our expectations would be negated.

Source: RHB Securities Research - 22 Mar 2023