Oriental Holdings is set propel northwards as it surged strongly to breach the MYR7.20 immediate resistance yesterday, coupled with significant trading volume. The “higher high” bullish structure above that level is expected to drive the stock towards the new high of MYR8.00, before printing another record high at MYR8.50. However, the stock may move in a downtrend if it falls below the MYR6.85 support, as it forms a “lower low” bearish pattern, below the 21-day average line.
Source: RHB Securities Research - 3 Jun 2022