Hengyuan Refining Group is set to continue its rebound after breaking above the immediate resistance on strong volume yesterday. Together with the “higher low and higher high” structure recently, the stock may continue its positive momentum above the MYR5.82 support level. Premise with that, it may climb towards the next resistance at MYR6.12, followed by MYR6.28. This expectation would be reversed if it drops below the MYR5.60 support level.

Source: RHB Securities Research - 19 May 2021