Hong Leong Financial Group is likely to form a technical breakout, as it bounced off the 21-day average line while heading towards the immediate resistance of MYR18.98 recently. If a breakout happens above that level – printing a “higher high” bullish pattern, the bulls may drive towards the next resistance of MYR20.40, followed by MYR22.00. Conversely, falling below the immediate support of MYR18.20 will trigger the resumption of a downward correction – below the 21-day average line.

Source: RHB Securities Research - 11 Feb 2022