Naim Holdings attempted an uptrend rebound, having shown a strong recovery after a significant retracement, and hit the MYR0.72 immediate resistance yesterday. If it breaches this point definitively, the positive momentum may propel the stock towards MYR0.77, followed by MYR0.81, ie above the 21-day SMA line. A decline below the MYR0.635 support, forming a fresh “lower low” bearish pattern, would dent sentiment and spark a resumption of its downtrend.
Source: RHB Securities Research - 8 Aug 2023
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Created by rhbinvest | Aug 30, 2024