Malaysian Bulk Carriers may climb higher after posting a long white candle and leaving an upside gap. This can be viewed as a continuation of the bulls extending the rebound from 19 Dec’s “Bullish Engulfing” pattern. A bullish bias may emerge above the MYR0.55 level, with an exit set below the MYR0.50 threshold. Towards the upside, the immediate resistance is at MYR0.63. This is followed by the MYR0.68 level.

Source: RHB Securities Research - 24 Dec 2018