Tanco is set to extend its upside movement after breaking past the resistance level on high volume. We observed that the stock charted a Bullish Marubozu pattern and crossed above the MYR0.50 resistance level to form a fresh “higher high” bullish pattern. This indicates that the stock has completed the consolidation phase, and momentum is picking up again. If the momentum continues, the stock will climb towards the next resistance level pegged at MYR0.56, followed by MYR0.62. However, a fall below the MYR0.47 support level will negate the bullish setup.

Source: RHB Securities Research - 2 May 2023