Bursa Malaysia is poised to break past the consolidation phase after rebounding above the 21-day SMA line, as it approached the immediate resistance level of MYR6.95 yesterday on a surge in trading volume. If a breakout happens, the bullish momentum is expected to propel the stock towards the MYR7.20 resistance, then the MYR7.50 mark. Conversely, falling below the MYR6.70 support would point to a potential downtrend.

Source: RHB Securities Research - 19 Dec 2023