Press Metal Aluminium is poised to extend the upside movement after breaking past the resistance on high volume. The stock has closed above the MYR5 resistance with a bullish candlestick. The trading volume has been increasing in tandem with the share price, suggesting the underlying momentum is bullish. Riding on the momentum, the counter should travel towards MYR5.40, followed by the MYR5.75 level. On the flip side, falling below the MYR4.65 support negates the bullish setup.

Source: RHB Securities Research - 30 Sept 2024