HPP may see its uptrend extended after it breached the resistance on strong volume. The stock underwent a breakout above the MYR0.33 resistance, and charted a fresh “higher high” bullish pattern. The volume has increased in tandem with the share price, showing that the bullish momentum is gaining pace. Expect the positive price action to follow through, and lead the stock to test the next resistance levels of MYR0.37 and MYR0.40. Falling below the MYR0.305 support will negate the bullish setup.

Source: RHB Securities Research - 7 Aug 2023