Cahya Mata Sarawak is eyeing a bullish breakout, as it tested the immediate resistance on high volume recently. Trading volume has been increasing recently, while the stock is moving sideways for a consolidation. If it breaches the MYR1.27 resistance, the stock should attract strong momentum. In this scenario, the bullish momentum will propel the stock towards MYR1.35, followed by MYR1.43. Conversely, the stock may undergo a downward correction if it breaches below the MYR1.18 support.
Source: RHB Securities Research - 7 Feb 2023
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