PA Resources is attempting to break past the immediate resistance after building a strong base along the 21-day SMA line. We observed that since the stock crossed above the 21- day SMA line, volume has been increasing – showing that a bullish bias has emerged. If it breaks past the MYR0.295 resistance, we think the stock will attract further buying pressure to lift it towards MYR0.31, followed by MYR0.33. However, a fall below the MYR0.27 support would negate our expectation.

Source: RHB Securities Research - 29 Aug 2022