Bonia Corp is poised to resume the uptrend reversal as it rebounded strongly following the recent pullback – heading towards the MYR2.31 immediate resistance with a “White Marubozu” bullish candlestick. If it manages to move past the immediate resistance, the bulls are expected to propel the stock towards the next resistance at MYR2.58 or 16 Jun’s high – this is before heading towards the MYR2.86 next resistance, ie the high of 8 Jun’s high. If it falls below the support level of MYR2.04, the bullish momentum may reverse as it forms a “lower low” bearish pattern.

Source: RHB Securities Research - 27 Jul 2022