Malakoff Corporation is eyeing for a technical breakout yesterday, as it rose strongly to test the YTD high of MYR0.74, on the back of surging trading volume. If the breakout happens, the momentum will propel the stock towards the MYR0.79 resistance, followed by the MYR0.85 next resistance. However, if the stock drops below the MYR0.70 support, the momentum may reverse and form a "lower low" bearish pattern, below the 21-day moving average line.

Source: RHB Securities Research - 20 Apr 2023