AWC’s price is poised to scale higher after it broke past the key resistance on high volume. The stock’s price managed to climb above the 21-day SMA line and close above the MYR0.65 resistance. The latest price action confirmed a bullish setup. The renewed momentum should propel the counter’s price towards the next resistance pegged at MYR0.70 and followed by the MYR0.75 level. On the downside, breaching the MYR0.60 support negates the bullish setup.

Source: RHB Securities Research - 19 Feb 2024