Salcon has confirmed the bullish reversal setup after breaking past a key resistance on strong volume. The counter climbed above the MYR0.275 resistance with a “White Marubozu” bullish candlestick – signalling that the consolidation phase is over. Riding on this strong bullish momentum, expect a followthrough price action to test the next resistance at MYR0.32, followed by MYR0.36. On the other hand, breaching below the MYR0.25 support will resume the correction phase.

Source: RHB Securities Research - 17 Apr 2024