Cahya Mata Sarawak is eyeing to stage a bullish breakout after testing the immediate resistance with a bullish candlestick. The stock printed a “higher low” bullish candlestick yesterday, showing the bullish momentum is gaining traction. If it breaks past the MYR1.40 resistance, a bullish bias will emerge. In this case, the counter may climb towards the next resistance at MYR1.50, followed by the MYR1.60 mark. However, a fall below the MYR1.30 support resumes the downwards movement.

Source: RHB Securities Research - 13 Sept 2024