EG Industries is poised to rebound upwards as it bounced off the support level yesterday and eyeing to hit the immediate resistance – following the recent pullback. Coupled with surging trading volume, the bulls may be emerged if it manages to surpass the MYR0.655 immediate resistance. If that happens, the bulls may climb towards the MYR0.74 resistance, followed by the MYR0.78 mark. However, falling below the MYR0.61 support may see the stock descend further.

Source: RHB Securities Research - 17 Dec 2021