Velesto Energy is scaling northwards, since it broke past the immediate resistance of MYR0.11 on strong volume. Trading volume has also been happening while its share price has been increasing, so this indicates that the bulls are charging ahead. Riding on this positive momentum, the stock should test the next resistance pegged at MYR0.125, followed by MYR0.15. Towards the downside, a fall below the MYR0.09 support would negate the expectation.

Source: RHB Securities Research - 19 Sept 2022