Bank Islam Malaysia is poised for a technical breakout, as it bounced off its 21-day average line while attempting to move past the consolidation phase capped at MYR3.26. If it manages to break above that level again, the bullish momentum may see the stock climbing towards the next resistance level at MYR3.40, followed by MYR3.72. However, the momentum may lose steam if it falls below the MYR3.11 support, ie below the yesterday’s low.

Source: RHB Securities Research - 28 Feb 2022