Techbond Group is set to propel north after a breakout occurred above the MYR0.45 resistance yesterday, as it charted a bullish candlestick. With the 21-day SMA line trending upwards on top of the pick-up in trading volume, this indicates that the shortterm trend is bullish. Post breakout, the stock is set to climb towards MYR0.47 or the 2-month high, followed by MYR0.495 ie the YTD high. Towards the downside, falling below the MYR0.425 support would reverse the trend further.

Source: RHB Securities Research - 22 Nov 2023