Malaysian Resources Corporation is positioned for a robust rebound after breaking above the immediate resistance at MYR0.61. This was followed by consolidation at the same level yesterday, with the stock maintaining its position above the 21- day SMA line. If it continues to surpass the immediate resistance, there is a likelihood of the stock trending higher towards the MYR0.64 resistance, and potentially the MYR0.705 resistance. However, a fall below MYR0.57 would invalidate the bullish bias.

Source: RHB Securities Research - 21 Mar 2024