Padini Holdings is commencing the uptrend reversal as it moved past the recent consolidation phase on high trading volume – supported by a long white candle. If it remains above the resistance-turned-support of MYR2.99, the bullish bias will stay in place. The momentum should then propel the stock higher towards the next resistance of MYR3.18, followed by MYR3.35 – the highest point charted in 2021. Meanwhile, breaching below the MYR2.88 support would see the momentum reversing direction.

Source: RHB Securities Research - 12 Aug 2021