Marine & General is in the midst of a rebound following a recent correction as it rebounded above the 21-day SMA line while aiming for the MYR0.24 immediate resistance level on strong trading volume. If a breakout happens, the uptrend rebound will likely lead to the stock climbing towards the MYR0.28 resistance, which was the 52-week high, before hitting the MYR0.35 threshold. However, falling below the MYR0.21 support – forming a “lower low” bearish pattern – may trigger a downtrend.

Source: RHB Securities Research - 10 Jan 2024