Sedania Innovator is set for a strong rebound as it bounced off the 21-day SMA line and crossed the immediate resistance level of MYR0.23 yesterday, as trading volume surged. If the breakout is sustainsed, the bulls may drive the stock towards the next resistance level of MYR0.26, followed by MYR0.28 – the high printed in April. However, if the stock drops below the support level of MYR0.205 and falls below the 21-day SMA line, this expectation would be invalidated.

Source: RHB Securities Research - 9 Jun 2023