JAKS Resources is attempting to stage a bullish breakout. We noticed the stock is consolidating sideways and volume has been increasing, showing positive momentum is gaining traction. If it manages to break past the MYR0.285 immediate resistance, we expect the stock to attract further buying pressure. In this scenario, it should climb towards the MYR0.30 mark, followed by MYR0.315. Conversely, a fall below the MYR0.26 support level would indicate that the bears are still in control.

Source: RHB Securities Research - 19 Aug 2022