Coastal Contracts is likely to rebound towards the recent high as it breached the immediate resistance of MYR1.67 on improved volume yesterday – above the 21-day average line. The bullish bias above that level is expected to continue bringing the stock higher towards the MYR1.78 level, followed by the recent high of MYR1.92. Conversely, falling below the MYR1.53 support would trigger selling pressure and reverse the momentum, thereby sparking a downtrend.

Source: RHB Securities Research - 27 Jan 2022