Bermaz Auto’s upside move may persist after it continued holding above the 21-day SMA line. Yesterday’s candle can be viewed as a continuation of bulls extending the rebound from 30 Nov’s “Hammer” pattern. A bullish bias may emerge above the MYR2.14 level, with an exit set below the MYR2.05 threshold. Towards the upside, the immediate resistance is at MYR2.28. This is followed by the MYR2.38 level.

Source: RHB Securities Research - 19 Dec 2018