CSC Steel Holdings is poised to continue its recent strong uptrend movement (printed a “Breakaway Gap” on 22 Feb), as it managed to sustain above the support level following the recent pullback. The stock is expected to jump higher if it manages to surpass the MYR1.58 recent high. If that happens, we expect the bulls to climb towards the next resistance at MYR1.74, followed the next resistance of MYR1.84. Conversely, falling below the immediate support of MYR1.45 may trigger the resumption of a downward correction – printing a “lower low” bearish pattern amid “filling the gap”.

Source: RHB Securities Research - 28 Feb 2022