Berjaya Food is poised to extend its upside movement after breaking past the MYR0.72 resistance on strong volumes. The stock has been consolidating sideways below the MYR0.72 resistance for the past two months. This latest breakout showed the consolidation phase is now complete and momentum is picking up pace – attempting to propel the counter towards the next resistance pegged at MYR0.76, followed by the MYR0.80 level. On the flipside, breaching below the MYR0.68 support will negate the bullish setup.

Source: RHB Securities Research - 25 Sept 2023