Muhibbah Engineering is in the midst for an upward rebound as it bounced off the immediate support recently, attempting to surpass the MYR0.68 immediate resistance yesterday, reclaiming above the 21-day average line. If it manages to move past the immediate resistance, the rebound may persist towards the MYR0.745 resistance, followed by the MYR0.78 next resistance. If it drops below the MYR0.63 support, this may reverse the momentum as it will negate the bullish reversal pattern, forming a “lower low”.

Source: RHB Securities Research - 23 Mar 2023