Jaks Resources is ready for an uptrend reversal as it climbed above the MYR0.265 breakout level yesterday post consolidation on stronger trading volume, and printed a ”higher high” bullish pattern. If the breakout above that level is sustained, we expect the stock to rebound further towards MYR0.28 or 15 Sep’s high, followed by 26 Aug’s high of MYR0.305. Conversely, the bullish momentum may be reversed if it drops below the strong support of MYR0.25, forming a “lower low” bearish structure below the 21-day average line.

Source: RHB Securities Research - 15 Nov 2022