Merge Energy formed a long white candle yesterday – an indication of the strong buying momentum. Yesterday’s close has sent the stock to its new 52-week high, thereby enhancing the bullish sentiment. A bullish bias may appear above the MYR0.46 level, with an exit set below the MYR0.40 threshold. Towards the upside, the near-term resistance is at MYR0.55. This is followed by the MYR0.60 level.

Source: RHB Securities Research - 10 Oct 2018