Parkson Holdings is showing signs of extending its uptrend as it crossed the immediate resistance level yesterday on high volume. Given the stock bounced off from the 21-day SMA line while forming a “higher low” pattern, the prevailing uptrend should remain if it manages to stay above the MYR0.255 immediate support level. The positive momentum may test the next resistance level of MYR0.27, followed by MYR0.28. Inversely, if the support level of MYR0.24 is broken, a reversal trend would be expected.

Source: RHB Securities Research - 28 Apr 2021