Ewein is poised to extend its bullish trajectory after staging a bullish breakout. The stock has surpassed the MYR1.20 resistance level on strong volume. The surging trading volume shows that strong bullish momentum is underway. Based on the bullish momentum, we expect follow-through price action to test the next resistance level at MYR1.35, followed by the one at MYR1.55. However, a fall below the MYR1.05 support level would negate the bullish setup.

Source: RHB Securities Research - 16 Jul 2024