SFP Tech Holdings is showing signs of resuming its upward rebound after a strong bounce back – it closed at MYR2.82, ie the immediate resistance level. This rebound is evidenced by the formation of a "White Marubozu" bullish candlestick pattern, on improved trading volume. If it breaches above this point, it may continue to trend north towards the MYR2.95 resistance, followed by the MYR3.10 mark. However, if the stock drops below the support level of MYR2.63 – forming a "lower low" bearish pattern – this would point to a bearish trend.

Source: RHB Securities Research - 20 Jun 2023