Puncak Niaga Holdings is set to resume its uptrend rebound, as it recently bounced off the 21-day SMA line and surpassed the MYR0.38 resistance level on strong trading volume. Based on the buying pressure building up above the breakout level on Wednesday, the bulls may drive the stock up towards the recent high of MYR0.43 before reclaiming the 25-month high of MYR0.495. Towards the downside, a breach below the MYR0.34 support level will negate the bullish setup, as it would be below the 21-day SMA line.

Source: RHB Securities Research - 29 Sept 2023