Computer Forms is set to reclaim its 52-week high after breaking past the MYR1.13 immediate resistance on improved trading volume – forming a “higher high” bullish pattern above the 21- day average line. If the breakout sustains, the uptrend movement would continue to chart towards the next resistance level of MYR1.20, which is the 52-week high. This is then followed by the MYR1.35 multi-year high – its highest level since Sep 1996. However, the stock may reverse if it falls below the MYR1.09 support – as it may form a “lower low” bearish pattern.
Source: RHB Securities Research - 5 Sept 2022
