Frontken is poised to extend its upside movement after jumping above the key resistance level. The counter broke past the 5- month resistance of MYR3.50 to form a “higher high” bullish candlestick. The breakout shows that momentum has become stronger. Riding on this momentum, the stock should scale towards the next resistance levels at MYR3.65, followed by MYR3.90. On the downside, a fall below the MYR3.30 support level would nullify the bullish structure.

Source: RHB Securities Research - 15 Jan 2024