MBM Resources is poised to form a technical breakout, as it attempted to move past the MYR3.36 resistance recently, following a recent rebound above the 21-day average line. If it manages to break above that level, the bulls may drive the stock towards the next resistance of MYR3.52, followed by MYR3.73 (the highest point since Dec 2020). If it falls below the support of MYR3.20, the momentum may turn negative, taking the stock below the average line.

Source: RHB Securities Research - 21 Mar 2022