Media Prima is eyeing a rebound after it bounced off its support and tested the immediate resistance yesterday. The stock has been consolidating with lower trading volume, this indicates selling pressure is subsiding. If the stock manages to cross the immediate resistance level of MYR0.595, the bullish momentum may emerge to propel the stock higher. The next resistance levels are set at MYR0.64 and MYR0.68. Meanwhile, falling below the MYR0.55 support level would cancel this expectation.

Source: RHB Securities Research - 24 May 2021