Melewar Industrial Group was showing signs of reversing its trend from the recent pullback, after it tried to move above the immediate resistance of MYR0.525 last Friday. Together with rising volume, a bullish bias is expected to emerge above the MYR0.525 resistance. If a breakout occurs, the momentum should propel the share price towards the subsequent resistance levels of MYR0.58, then MYR0.62. Inversely, if the support level of MYR0.495 is broken, a reversal of trend would be anticipated.

Source: RHB Securities Research - 26 Apr 2021