Jaks Resources is poised for uptrend as it bounced off the 21- day SMA line, testing the MYR0.21 immediate resistance, coupled with significant trading volume. If a breakout happens above that level, the stock may rebound higher towards the MYR0.24 mark, followed by the next resistance at MYR0.26. However, falling below the MYR0.185 support would indicate a downtrend, as it would form a “lower low” bearish pattern ie trading below the 21-day SMA line.

Source: RHB Securities Research - 23 Aug 2023