Wentel Engineering Holdings is set to propel higher after bouncing off the 21-day SMA line and breaking above the MYR0.37 all-time high yesterday – coupled with strong trading volume. If the breakout sustains, the bullish momentum may propel the stock higher towards unchartered territory at the MYR0.40 mark, followed by the MYR0.50 threshold. However, falling below the MYR0.34 support will reverse the momentum, as the counter would trade downwards beneath the SMA line.
 

Source: RHB Securities Research - 7 Jun 2024