Wong Engineering Corporation is attempting to rebound strongly as it bounced off the support yesterday while hitting the MYR0.62 immediate resistance –with stronger volume, while forming a “higher low” bullish structure. If it manages to break above that level, expect a follow-through bullish momentum to propel the stock further towards the MYR0.69 resistance, then MYR0.73. Conversely, falling below the support level of MYR0.55 will cancel this expectation.

Source: RHB Securities Research - 23 Dec 2021