Bahvest Resources’ uptrend rebound is set to persist following a technical breakout above the MYR0.36 immediate resistance on strong volume yesterday – forming a “higher high” bullish pattern above the rising 21-day SMA line. If the momentum sustains, the stock is likely to trend higher towards the MYR0.40 resistance (August’s high), followed by the MYR0.45 next resistance. Conversely, a decline below the MYR0.335 support signals a reversal of the positive trend, as the counter's share price will trade below the SMA line and form a “lower low” bearish pattern.

Source: RHB Securities Research - 26 Oct 2023