Mycron Steel is set to resume its upward movement, as it rebounded strongly from a recent pullback, surpassing the MYR0.685 resistance, ie Monday’s high. If the momentum persists, the stock is expected to hit the recent peak of MYR0.75, followed by the MYR0.80 mark. However, the positive momentum may dissipate if it falls below the MYR0.625 support level as it could form a “lower low” bearish pattern.
Source: RHB Securities Research - 28 Apr 2022
