Malayan Cement is poised to extend its uptrend after breaching the resistance on strong volume. The stock charted a fresh “higher high” bullish candlestick on Thursday, while trading volume picked up. The latest price action indicates that a strong bullish momentum is underway. After breaking out at MYR3.84, the stock should climb towards MYR4.20, followed by MYR4.50. Towards the downside, falling below the MYR3.67 support will negate the bullish setup.

Source: RHB Securities Research - 10 Nov 2023