Malaysia Smelting Corp is eyeing for a technical breakout as it bounced from a recent pullback, heading towards the immediate resistance of MYR3.50. If the breakout above that level happens, we expect the stock to propel – printing a new high level of MYR4.00, ie the psychological mark, and then the MYR4.50 threshold. In the event it drops below the MYR3.35 support, the stock may resume its downtrend, printing a “lower low” bearish pattern.

Source: RHB Securities Research - 3 Feb 2022