Elsoft Research is set to rebound towards its 52-week high as it reclaimed above its immediate resistance of MYR1.02 on higher volumes yesterday following a recent pullback. If it manages to retain above this resistance level – also its 21-day average line – a follow through of this bullish momentum should propel the stock towards the psychological level of MYR1.12, ie the 52-week high, followed by the next resistance at MYR1.25. If it falls below the MYR0.99 support – forming a “lower low” bearish pattern – the momentum may be reversed below the average line.

Source: RHB Securities Research - 14 Dec 2021