Mega First Corporation is set to rebound, as buying pressure emerged since it breached the immediate resistance of MYR3.72 – forming a “higher high” bullish structure and crossing above the 21-day average line. If the momentum is maintained, the stock may trend up towards MYR3.89, then MYR4.05 – its all-time high. Conversely, the momentum may undergo a reversal if it drops below the MYR3.65 support – registering a “lower low” bearish pattern.
Source: RHB Securities Research - 23 May 2022
