Classic Scenic is poised to propel northwards as it attempted to break above the consolidation phase of MYR0.70 on improved trading volume yesterday. If a breakout happens above that level, the bullish momentum may propel the stock towards the MYR0.74 resistance – Apr’s high. This is then followed by the MYR0.80 next resistance – the highest point seen since Oct 2021. Meanwhile, a drop below the MYR0.675 support may reverse the momentum southwards as it falls below the 21-day average line.

Source: RHB Securities Research - 25 May 2022