Berjaya Food is poised for an uptrend reversal as it bounced off the 21-day SMA line yesterday, hitting the MYR0.92 immediate resistance on stronger trading volume. If a breakout emerges, the bullish bias may drive the stock towards the MYR0.95 resistance or 5 Apr’s high, followed by the MYR1.00 mark. However, falling below the MYR0.87 support will negate the bullish setup, and lead to the formation of a “lower low” bearish pattern.

Source: RHB Securities Research - 5 May 2023