SAM Engineering & Equipment (M) has undergone a bullish breakout, and is poised to extend the upside movement. The counter closed above the MYR5 resistance to chart a “higher high” bullish candlestick. The latest breakout, coupled with high volume, shows that the bullish momentum is gaining pace. Expect a follow-through price action to test the MYR5.50 resistance point, followed by the MYR6 mark. On the other hand, falling below the MYR4.60 support will kick off the correction phase.

Source: RHB Securities Research - 6 May 2024