Coastal Contracts is set to initiate an upward rebound, as it bounced off its immediate resistance of MYR0.94 – following the recent “Bullish Engulfing” reversal pattern. If it manages to stay above that level, it may hit the psychological level MYR1.00, before possibly reaching the next threshold of MYR1.08 – beneath its 21-day average line. However, falling below the MYR0.825 support – writing-off the bullish reversal pattern – may see the stock descending further.

Source: RHB Securities Research - 2 Dec 2021