Agmo Holdings is set to propel higher after experiencing a technical breakout above the MYR0.55 immediate resistance with surging trading volume – forming a “higher high” bullish pattern. As the stock is trading above the ascending 21-day SMA line, expect it to climb higher towards the MYR0.61 resistance, followed by the next resistance at MYR0.655, ie the 52-week high. However, falling below the MYR0.52 support will reverse the momentum as the counter will trade below the SMA line and form a "lower low" bearish structure.

Source: RHB Securities Research - 20 May 2024