Awanbiru Technology is poised to propel towards its YTD high, as it bounced off the 21-day SMA line in an attempt to move past the immediate resistance of MYR0.43 yesterday, with higher trading volume. If a breakout above that level happens, ie forming a “higher high” bullish pattern, the stock may climb towards the MYR0.46 resistance, followed by the MYR0.50 YTD high. However, if the stock falls below the support of MYR0.40, forming a “lower low” bearish pattern, it would negate our expectations.
Source: RHB Securities Research - 12 Apr 2023
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