LB Aluminium is likely to rebound higher as it bounced and breached the immediate resistance of MYR0.515 yesterday, coupled with high volume. The “White Marubozu” bullish candlestick printed above the support has solidified the positive rebound in the coming sessions. If it stays above the breakout level, the bulls may propel the stock towards the recent high of MYR0.545, followed by the next resistance of MYR0.62. In the event it falls below the MYR0.495 support, bearish momentum may emerge and lead the stock southwards.
Source: RHB Securities Research - 3 Mar 2022