Tex Cycle Technology is set to test its multi-month high as it bounced off the 21-day SMA line and moved past the immediate resistance on improved trading volume – staging a “higher high” bullish pattern. If it stays above the MYR0.515 level, the positive momentum may lift the stock towards the YTD high of MYR0.575, followed by a higher hurdle of MYR0.60. Meanwhile, if it falls below the MYR0.485 support level – below the moving average line – this expectation will be nullified.

Source: RHB Securities Research - 18 Aug 2021