IFCA MSC is set to resume the recent technical rebound, as it firmed up the bullish momentum above the previous breakout of MYR0.305 yesterday, on strong trading volume. The bullish bias above that level and the rising 21-day SMA line are likely to drive the stock higher towards MYR0.37 (its highest level since 8 Jun 2022), followed by the next resistance at MYR0.43, or 18 Mar 2021’s high. A decline below the MYR0.28 support would dent sentiment on the counter, and spark a downtrend – as it would be trading below the 21-day SMA line.

Source: RHB Securities Research - 15 Sept 2023