AEON is set to continue its upward momentum after it managed to bounce off its immediate support (recent breakout level) of MYR1.38 on strong trading volume. The white body candlestick with a long lower shadow suggests that buying interest is imminent above the immediate support. Hence, the bullish momentum emerged is expected to lead the stock towards its next resistance of MYR1.57, before reaching MYR1.65. Meanwhile, breaking below the MYR1.34 support would see the momentum fade away.

Source: RHB Securities Research - 17 Aug 2021