Cahya Mata Sarawak Bhd (CMSB, 2852)

• Share price closed 6.5% higher at RM1.48 on Monday.

• CMSB has broken out from its consolidation phase with higher volume on Monday and formed a bullish engulfing candle.

• We also see higher lows formed since mid-August. Backed by upticks in its indicators, the share price is poised to move higher.

• Resistance levels are identified at RM1.61 (R1) and RM1.78 (R2).

• On the flipside, support levels are pegged at RM1.39 (S1) and RM1.21 (S2).

Source: Rakuten Research - 20 Oct 2021