CAB Cakaran Corporation is in a position for an uptrend rebound, as it rebounded above the 21-day SMA line while eyeing a test of the MYR0.715 immediate resistance yesterday. If a breakout above that level occurs, we expect a followthrough price action to test the next resistance (and recent high) of MYR0.77, followed by MYR0.86 – the highest level recorded since Sep 2018. Meanwhile, falling below the MYR0.67 support would see the direction shift downwards.

Source: RHB Securities Research - 10 Jan 2024