Teladan Setia Group could rebound towards the YTD high as it bounced off the 21-day average line last week and attempted to test the resistance of MYR1.10. If it crosses that point, renewed buying interest may emerge to drive the stock towards the YTD high of MYR1.17, or 17 Aug’s high, before trending northwards further towards the MYR1.30 mark. If it falls below the MYR1.02 support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern below the average line.
Source: RHB Securities Research - 11 Oct 2022