Kim Hin Joo is poised to test its recent high as it bounced off its 21-day SMA line to breach the immediate resistance on high trading volume yesterday – forming a “higher low” bullish pattern. If it manages to remain above the MYR0.29 level, the bullish momentum may propel the stock towards its recent high of MYR0.335, followed by the historical high of MYR0.39. Meanwhile, if it falls below the MYR0.28 support, this expectation will be nullified.

Source: RHB Securities Research - 17 Aug 2021