Malaysian Bulk Carriers’ upward momentum may persist after the stock recorded its highest close in more than two months. This upward momentum is likely to continue, given that it has posted a third consecutive white candle. A bullish bias may appear above the MYR0.545 level, with an exit set below the MYR0.49 threshold. Towards the upside, the near-term resistance is at MYR0.63. This is followed by the MYR0.71 level.

Source: RHB Securities Research - 13 Nov 2018