Malayan Flour Mills is poised to extend its rebound after bouncing off from its double bottom – ie the W-shaped base recently. As it managed to stay above its immediate resistance-turn-support for two consecutive days, coupled with strong trading volume, bullish bias is expected to appear above this MYR0.89 support level. Premised on this, the bulls are eyeing the next resistance of MYR0.945, followed by MYR1.00. Meanwhile, if the support level of MYR0.84 is broken – which means it has fallen past the double bottom base – this trading set-up would be invalidated.

Source: RHB Securities Research - 1 Apr 2021