Iskandar Waterfront City is set to propel northwards as it bounced off the 21-day average line and breached above the MYR0.32 resistance recently due to strong trading volume. The “higher low” bullish structure above the average line is expected to drive the stock towards the recent high of MYR0.35, followed by MYR0.38, or 22 Apr 2022’s high. However, the counter may move downwards if it drops below the MYR0.305 support, as it forms a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 14 Feb 2023