Ann Joo Resources Holdings is initiating an uptrend rebound from its 10-month low as it bounced off strongly, breaching above the MYR1.79 threshold on high volume – printing a “White Marubozu” bullish candlestick. The bullish momentum above that level is expected to propel the stock towards the MYR1.98 resistance, followed by the MYR2.15 resistance. However, falling below the MYR1.71 support – indicating the continuous formation of a “lower low” pattern – may see the stock descending further.

Source: RHB Securities Research - 8 Dec 2021