Hong Seng Consolidated formed a technical breakout yesterday, as it pushed past the immediate resistance of MYR2.84 – coupled with strong volume, with a bullish candlestick. If it stays above that level, the bulls may drive the price towards the next resistance level of MYR3.19, followed by MYR3.45. Conversely, falling below the immediate support of MYR2.71 will trigger the resumption of a downward correction – riding on the “lower low” bearish pattern.

Source: RHB Securities Research - 8 Feb 2022