Suria Capital Holdings is set to trend upwards further towards the 9-year high, as it broke above the MYR1.57 immediate resistance yesterday, printing a “White Marubozu” bullish candlestick. This, coupled with the rising 21-day SMA line, may drive the stock towards the next resistance of MYR1.68, ie the highest level since 1 Dec 2015, before it reclaims the next resistance point of MYR1.82. Towards the downside, a breach below the MYR1.49 support will negate the bullish setup, forming a “lower low” bearish pattern below the SMA line.

Source: RHB Securities Research - 17 Oct 2023