Press Metal Aluminium Holdings is set to print a new high, as it broke above the recent high – also the all-time high – of MYR7.03 yesterday, on the back of strong volume. As it formed a “higher high” bullish pattern, we expect the bulls to continue riding the uptrend within uncharted territory. The next resistance could be marked at MYR7.50, followed by MYR8.00. However, the momentum may lose steam if it falls below the MYR6.54 support, which would lead to the formation of a “lower low” bearish pattern.
Source: RHB Securities Research - 3 Mar 2022