Tropicana Corporation is set to propel towards its 8-year high as it broke above the MYR1.19 immediate resistance on higher trading volume last Friday – bouncing off the 21-day SMA line while forming a “higher high” bullish structure. If the bulls persist, the stock may climb further towards the MYR1.31, which is the highest level printed since May 2014. The next resistance could be set at MYR1.40, or Jul 2013’s high. If it falls below the MYR1.13 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 3 Oct 2022