RHB Retail Research

Trading Stocks - Melewar Industrial Group

rhboskres
Publish date: Tue, 25 May 2021, 10:19 AM
rhboskres
0 9,021
RHB Retail Research

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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