GFM Services is set for an uptrend rebound as it broke above the MYR0.225 level yesterday – printing a “Bullish Marubozu” candlestick with stronger trading volume. Riding on the renewed buying momentum above the 21-day average line, the stock is expected to retest the MYR0.245 immediate resistance, or 27 Dec 2022’s high, followed by the next resistance at MYR0.27 (2 Sep 2021’s high). Conversely, the counter may reverse its direction if it falls beneath the MYR0.21 support, forming a “lower low” bearish structure below the average line.
Source: RHB Securities Research - 17 Feb 2023