Malayan Flour Mills underwent a breakout from the consolidation zone, and is poised to extend its bullish trajectory. Since July, the stock has been consolidating below the MYR0.66 resistance. The latest breakout shows that market sentiment has improved, while the bullish momentum is gaining strength. If it remains above the breakout point, the stock may climb towards MYR0.72, followed by MYR0.75. Towards the downside, breaching below the MYR0.62 support will negate the bullish setup.

Source: RHB Securities Research - 14 Nov 2023