Supermax is poised to extend its upside movement, after breaking past the resistance on high volume. Yesterday, the stock climbed above the MYR0.855 resistance to chart a bullish candlestick. Coupled with high volume, the technical indicator suggests that the bullish momentum is increasing. Expect the positive price action to follow through to test the next resistance at MYR0.89, followed by MYR0.93. On the flipside, breaching the MYR0.815 support will negate the bullish setup.

Source: RHB Securities Research - 16 Nov 2023