Shangri-La Hotels (Malaysia) is poised to stage a bullish breakout, testing the immediate resistance with high volume. The counter has charted a bullish candlestick on high volume. If it breaks past the MYR2.30 resistance, this confirms a bullish setup. In this case, the momentum will propel the stock towards next resistance at MYR2.50, followed by the MYR2.80 level. On the other hand, falling below the MYR2.10 support opens the door for downward movements.

Source: RHB Securities Research - 12 Apr 2024