Rubberex Corporation may rebound higher after it attempted to break above the immediate resistance level on stronger volume yesterday. As the stock formed a “higher low” structure, this indicates a positive sign. A positive bias may emerge above the immediate resistance level of MYR1.50. Towards the upside, the immediate resistance is pegged at the MYR1.60 level, followed by the MYR1.65 level. Meanwhile, if the stock breaches below the MYR1.40 level, the potential rebound may not happen.

Source: RHB Securities Research - 27 Apr 2021