GDB is eyeing to extend the upside movement after staging a bullish breakout. The counter has jumped above the MYR0.355 resistance, which shows a bullish setup is in play. The 21-day SMA line is pointing upwards, signalling that the short-term trend is bullish. Premised on this bullish momentum, we expect the stock to travel towards the next resistance at MYR0.38, followed by the MYR0.41 level. On the downside, falling below the MYR0.33 support negates the bullish setup.

Source: RHB Securities Research - 31 Dec 2024