Malaysia Steel Works’ buying momentum may have returned after it rose above the 21-day SMA line. The latest candle sent the stock to its 1-month high, thereby enhancing the bullish sentiment. A bullish bias may emerge above the MYR0.40 level, with an exit set below the MYR0.34 threshold. Towards the upside, the immediate resistance is at MYR0.47. This is followed by the MYR0.515 level.

Source: RHB Securities Research - 7 Jan 2019