AME Elite Consortium is poised to resume the upward movement after climbing above the 21-day SMA line on strong volume. We observed the stock undergoing correction since falling below the 21-day SMA line. The latest bullish breakout at the MYR1.48 level suggests the correction phase is over and has set off the upside movement again. The stock should travel towards the next resistance at MYR1.55, followed by MYR1.60. On the flipside, falling below the MYR1.42 support will negate the bullish setup.

Source: RHB Securities Research - 2 Nov 2023