Gamuda is gaining bullish momentum after breaking past the resistance on high volume. Observe that the stock is trading at a multi-month high after it climbed above the MYR4.44 resistance. The momentum is getting stronger as evidenced by the increasing volume. Premised on this, the stock is eyeing to test the next resistance pegged at MYR4.60, followed by MYR4.80. Towards the downside, falling below the MYR4.20 support would invalidate the bullish structure.

Source: RHB Securities Research - 26 Jun 2023