MSM Malaysia Holdings attempted to rise above the immediate resistance level on strong volume yesterday. Premised with a “higher low” structure, this indicates buying pressure is gaining strength. A positive bias may emerge above the immediate resistance level of MYR1.61. Towards the upside, the immediate resistance is pegged at the MYR1.70 level, followed by the MYR1.80 level. Meanwhile, if the stock breaches below the MYR1.53 level, the likely rebound may not occur.

Source: RHB Securities Research - 28 Apr 2021