Frontken’s bullish momentum is gaining traction, with the stock looking to resume its upwards trajectory. It has broken past the MYR3.30 resistance, charting a bullish candlestick. The 21-day SMA line is trending higher, suggesting that the short-term trend is bullish. This, coupled with increasing trading volume, shows that bullish momentum is growing stronger. After the breakout, the stock has set its sights on the MYR3.50 level, followed by MYR3.65. On the downside, a fall below the MYR3.16 support would kick off another correction phase.

Source: RHB Securities Research - 21 Nov 2023