Malaysia Steel Works is set to resume its uptrend after it bounced off the 21-day average line, surpassing the MYR0.40 immediate resistance level yesterday on significant trading volume – moving past above the recent sideways consolidation phase. As the sideways direction has now turned bullish, the buying interest is likely to follow through to propel the stock higher towards the MYR0.45 recent high, followed by MYR0.50. The momentum may be reversed if it drops below MYR0.37 – forming a “lower low” bearish pattern, below the average line.
Source: RHB Securities Research - 20 Dec 2022