MyNews Holdings is eyeing a technical breakout after bouncing off the 21-day SMA line while testing the immediate resistance of MYR0.525 yesterday, on the back of a surge in trading volume. If a breakout happens, the stock may trend higher towards the MYR0.55 resistance and, potentially, MYR0.585 – the highest point since 3 Oct 2023. On the contrary, a drop below the MYR0.505 support would increase the risk of a downtrend reversal, as it falls beneath the SMA line

Source: RHB Securities Research - 26 Mar 2024