RHB Retail Research
Trading Stocks - Melewar Industrial Group
Melewar Industrial Group may rebound further after forming a bullish candlestick for two consecutive days. The stock has just crossed above the 21-day SMA line yesterday on strong volume. If the manages to breach above its immediate resistance of MYR0.625, a bullish bias may appear. The next resistance levels are eyed at MYR0.68 and MYR0.72. Meanwhile, falling below the MYR0.565 support level would cancel this expectation.
Source: RHB Securities Research - 25 May 2021
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