Kim Loong Resources is poised to extend its upside movement after breaking past the immediate resistance. The stock has crossed above the MYR1.93 resistance on the back of strong volume, charting a “higher high” bullish candlestick. Riding on the momentum, the stock would continue its trajectory towards the next resistance pegged at MYR2, and followed by MYR2.10. Meanwhile, falling below the MYR1.87 support will negate the bullish setup and lead to a correction phase.

Source: RHB Securities Research - 23 Oct 2023