Muhibbah Engineering (M) is eyeing to move higher after staging a bullish breakout on strong volume. The stock has printed a long bullish candlestick and closed above the MYR0.89 resistance, confirming the underlying momentum is bullish. After the breakout, we expect a follow-through price action to test the next resistance at MYR0.96, followed by MYR1.02. On the downside, if it breaches below the MYR0.83 support, this will negate the bullish setup.

Source: RHB Securities Research - 11 Oct 2024