Malaysian Resources Corporation is set to climb higher towards the 52-week high as it climbed above the MYR0.47 immediate resistance on strong trading volume. Coupled with the 21-day SMA line pointing upwards, the bullish momentum may drive the stock towards MYR0.515, ie the 52-week high, before testing the next resistance at MYR0.55. Towards the downside, a breach below the MYR0.445 support will negate the bullish setup, forming a “lower low” bearish pattern below the SMA line.

Source: RHB Securities Research - 13 Oct 2023