Aemulus Holdings is set for an uptrend reversal after bouncing off the 21-day SMA line and breaking above the MYR0.36 immediate resistance on strong trading volume where it formed a “higher high” bullish pattern. This bullish momentum above the breakout level will drive the stock higher towards the MYR0.40 YTD high, followed by the MYR0.46 next resistance. However, falling below the MYR0.32 support reverses the momentum, as the counter will trade below the SMA line and form a "lower low" bearish structure.
Source: RHB Securities Research - 23 May 2024
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Created by rhbinvest | Aug 23, 2024