Ajiya is set to resume the uptrend as it rebounded to reclaim above the MYR1.14 previous breakout and 21-day average line yesterday on improved trading volume. As such, buying interest above that level may persist to propel the stock towards the MYR1.22 recent high, or 8 Sep’s high, before climbing further towards the MYR1.26 resistance of 18 Mar’s high. However, the counter may reverse direction if it falls below the MYR1.10 support – moving downwards below the average line.

Source: RHB Securities Research - 4 Oct 2022