Scope Industries is consolidating sideways just beneath the immediate resistance. The stock has been moving horizontally below the immediate resistance of MYR0.16. The trading volume has been increasing lately, showing that positive pressure is building up. If the stock breaks past the MYR0.16 resistance, the market sentiment will improve. In this scenario, the upside movement should be extended towards MYR0.175, followed by MYR0.19. Towards the downside, breaching below the MYR0.14 support will mark the return to the bearish trajectory.

Source: RHB Securities Research - 16 Oct 2023