Nestcon is in the process of consolidating sideways while solidifying its support, as it bounced off the support yesterday on strong trading volume. If the positive momentum continues towards breaching the immediate resistance level of MYR0.46 (away from the consolidation phase), the bulls may travel towards the all-time high of MYR0.48 before printing a possible new high at MYR0.50. On the other hand, falling below the immediate support of MYR0.43 would trigger the resumption of a downward correction – below the average line.

Source: RHB Securities Research - 28 Jan 2022