Malayan Cement is consolidating sideways while eyeing to stage a bullish breakout. Observe that trading volume has been increasing lately, which suggests that buying momentum is gaining traction. If the stock manages to breach the MYR2.90 resistance, we believe the bullish momentum will propel the stock towards the higher threshold at MYR3.05, followed by MYR3.20. On the flip side, falling below the MYR2.71 support would negate expectation.

Source: RHB Securities Research - 9 May 2022