Meta Bright Group is set to resume its uptrend after bouncing off the 21-day SMA line and breaching the MYR0.24 immediate resistance yesterday, forming a “White Marubozu” bullish candlestick. This, on top of strong trading volume above the breakout level, may lead the stock to climb further towards MYR0.32, the highest point since May 2016, followed by the next resistance of MYR0.42. Conversely, a fall below the MYR0.22 support signals a reversal of the positive trend, as the counter’s price will trade below the SMA line and form a “lower low” bearish pattern.

Source: RHB Securities Research - 17 Oct 2023