Malaysian Pacific Industries is set for an uptrend reversal after jumping off the 21-day average line and hitting the consolidation phase of MYR50.00 with a long bullish candlestick. If it manages to break above that level, expect the bullish momentum to drive the stock further towards the all-time high of MYR51.50, and then the next resistance of MYR55.00. Conversely, falling below the support level of MYR47.88 will cancel this expectation.

Source: RHB Securities Research - 29 Dec 2021