Typically you should use the following construction:
If obj Is Nothing Then
    ' need to initialize obj: '
    Set obj = ...
Else
    ' obj already set / initialized. '
End If
So, use the following code instead:
Sub MoveItems()
 Dim myNameSpace As Outlook.NameSpace
 Dim myInbox As Outlook.Folder
 Dim myDestFolder As Outlook.Folder
 Dim myitems As Outlook.Items
 Dim myitem As Object
 Dim objApp As Outlook.Application
 Dim objFolder As Outlook.Folder
 Dim objTestFolder As Outlook.Folder
 Set myNameSpace = Application.GetNamespace("MAPI")
 Set myInbox = myNameSpace.GetDefaultFolder(Outlook.OlDefaultFolders.olFolderInbox)
    On Error Resume Next
    Set objTestFolder = myInbox.Folders("test")
    If objTestFolder Is Nothing Then
        Set myDestFolder = myInbox.Folders.Add("test", Outlook.OlDefaultFolders.olFolderInbox)
    End If
    On Error GoTo 0
 Set oDeletedItems = Application.Session.GetDefaultFolder(olFolderDeletedItems)
 Set myitems = oDeletedItems.Items
 Debug.Print myitems.Count
 For I = myitems.Count To 1 Step -1
    myitems.Item(I).Move myDestFolder
 Next
End Sub