NCT Alliance is poised to rebound above the 21-day average line, as it bounced off the immediate support level recently to test the MYR0.38 immediate resistance – also near the short term average line. If it manages to climb above that level, the bullish momentum may accelerate to propel the stock higher towards the MYR0.42 resistance, followed by MYR0.445, or its 6-month high. However, the counter may reverse downwards if it drops below the MYR0.345 support, forming a “lower low” bearish pattern below the average line.
Source: RHB Securities Research - 28 Feb 2023