Padini Holdings is in the process of rebounding after recouping its intraday losses yesterday as it closed above the opening level. If it manages to rebound further above the MYR3.25 level, a bullish bias could emerged. If that happens, a follow-through of this bullish momentum could propel the stock towards the MYR3.40 resistance, before possibly reaching the 52-week high of MYR3.50. Conversely, falling below the immediate support of MYR3.02 may trigger the resumption of a downward correction, below the 21-day average line.

Source: RHB Securities Research - 9 Mar 2022