Sime Darby Property is eyeing to extend its upside movement, after breaking past the immediate resistance to record an 8- month high. Observe that volume has increased tremendously in tandem with the share price trending higher, showing strong momentum is in play. If the stock sustains above the MYR0.52 breakout point, it should scale higher towards the next resistance pegged at MYR0.57, followed by MYR0.61. On the other hand, falling below the MYR0.49 support would negate the bullish setup.

Source: RHB Securities Research - 6 Mar 2023