Hume Cement Industries is poised for an uptrend continuation, as it climbed higher amid the rising 21-day SMA line, heading towards the MYR2 threshold yesterday and forming a “Bullish Marubozu” candlestick. If a breakout above that threshold occurs, the stock may trend upward towards the MYR2.20 resistance, followed by the next resistance at the MYR2.50 mark. Towards the downside, dropping below the MYR1.85 support would reverse the trend, trading below the SMA line.

Source: RHB Securities Research - 29 Nov 2023