Financial Highlights

By Surin Murugiah

KUALA LUMPUR (Dec 20): RHB Retail Research said Malaysia Steel Works (KL) Bhd is set to resume its uptrend after it bounced off the 21-day average line, surpassing the 40 sen immediate resistance level on Monday on significant trading volume, moving past above the recent sideways consolidation phase.

In a trading stocks note on Tuesday (Dec 20), the research house said as the sideways direction has now turned bullish, the buying interest is likely to follow through to propel the stock higher towards the 45 sen recent high, followed by 50 sen.

“The momentum may be reversed if it drops below 37 sen, forming a ‘lower low’ bearish pattern, below the average line,” it said.