Agmo Holdings is eyeing for a technical breakout, bouncing off the 21-day SMA line and heading towards the MYR0.62 resistance, its consolidation phase. If a breakout above that level occurs, the bullish momentum may drive the stock towards the MR0.68 resistance, followed by the next resistance at MYR0.745. A correction below the MYR0.58 support – forming a fresh “lower low” bearish pattern – would dent sentiment and spark a downtrend.

Source: RHB Securities Research - 23 Aug 2023