EG Industries is set for a positive rebound, as it bounced strongly and pushed past the immediate resistance of MYR0.565 yesterday – bolstered by strong volume, amid printing a “higher low” bullish formation. The positive momentum above that level is expected to drive the stock higher towards the recent high of MYR0.635, then the next resistance of MYR0.67. However, the momentum may lose steam if it falls below the MYR0.54 support, eventually forming a “lower low” bearish pattern.

Source: RHB Securities Research - 1 Mar 2022