Solarvest Holdings is eyeing for a technical breakout as it consolidated sideways above the 21-day SMA line while climbing gradually towards testing the MYR1.35 immediate resistance. If a breakout above that level happens, the momentum may drive the stock up towards August’s high of MYR1.43 before reclaiming the next resistance at MYR1.48 – the highest level since 29 Jul 2021. Towards the downside, a breach below the MYR1.26 support will negate the bullish setup, forming a “lower low” bearish pattern, below the 21-day SMA line.

Source: RHB Securities Research - 6 Oct 2023