Edelteq is eyeing to extend the technical rebound after climbing above the 21-day SMA line. We observed that since falling below the 21-day SMA line, the stock has been undergoing correction. Recently, it charted a Bullish Marubozu and broke past the MYR0.375 resistance, showing strong bullish momentum is underway. The stock should test the next resistance at MYR0.43, followed by MYR0.475. On the other hand, falling below the MYR0.315 support will revert it to the bearish phase.

Source: RHB Securities Research - 7 Nov 2023