Mega First may undergo a bullish breakout while it is consolidating sideways now. The stock has been moving horizontally below the immediate resistance of MYR3.40. The stock has been charting a series of “higher lows”, which shows that the bullish momentum has been gaining steam. If the stock breaches the MYR3.40 resistance, a bullish bias will emerge. In this case, the stock will travel towards MYR3.53, then MYR3.70. Conversely, falling below the MYR3.25 support will nullify the bullish expectation.

Source: RHB Securities Research - 9 Oct 2023