Syarikat Takaful Malaysia Keluarga is set to rebound higher following a recent price pullback as it rebounded from a recent low and breached above the MYR3.58 resistance – this was coupled with strong trading volume. Supported by the “higher high” bullish pattern, the bullish momentum may drive the stock towards the recent MYR3.86 high, followed by the next resistance at MYR4. Conversely, a fall below the MYR3.50 support signals a reversal of the positive trend, as the counter’s price will trade below the 21-day SMA line and form a “lower low” bearish pattern.
Source: RHB Securities Research - 12 Oct 2023
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Created by rhbinvest | May 23, 2024