Binasat Communications is set to print a fresh 52-week high as it climbed further above the previous breakout point of MYR0.375 on significant trading volume. This, coupled with the fresh “higher high” bullish pattern above the rising 21-day SMA line, leads us to believe that the stock may print a fresh 52-week high at the MYR0.435 resistance, before it moves ahead to MYR0.485. A drop below the MYR0.335 support would dent sentiment on the counter, and spark a downtrend – as it would be trading below the SMA.
Source: RHB Securities Research - 13 Sept 2023
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