Poh Kong Holdings is poised to trend upwards further after rebounding from the immediate support and heading towards the immediate resistance of MYR0.88 yesterday. If a breakout above that level happens, coupled with a “higher low” bullish structure above the 21-day SMA line, the stock may test the next resistance of MYR0.945, followed by the MYR1 threshold. Towards the downside, a breach below the MYR0.835 support will negate the bullish setup, forming a “lower low” bearish pattern beneath the SMA line.

Source: RHB Securities Research - 27 Oct 2023