EG Industries is attempting to resume its upside movement, eyeing to cross above the 21-day SMA line. Observe that the stock has been undergoing a correction since falling below the 21-day SMA line. If it breaks above the MYR1.20 resistance, a bullish bias should emerge. In this case, the stock will climb towards the next resistance pegged at MYR1.30, followed by MYR1.40. On the flipside, breaching below the MYR1.06 support would indicate a resumption of the bearish phase.

Source: RHB Securities Research - 19 Jun 2023