Hong Leong Industries may move higher after it tested the MYR8.45 support in recent sessions. As the stock has formed a “Hammer” pattern on 13 Dec, this indicates a potential rebound. A bullish bias may appear above the MYR8.45 level, with an exit set below the MYR8.45 threshold. Towards the upside, the near-term resistance is at MYR9.40. This is followed by the MYR10.00 level.

Source: RHB Securities Research - 17 Dec 2018