Avaland is eyeing for a technical breakout as it rebounded above the 21-day SMA line, touching MYR0.26 on stronger trading volume. If a breakout occurs, the stock will likely advance towards the 52-week high level at the MYR0.29 resistance, followed by MYR0.355 – its highest level since 1 Apr 2021. Conversely, a drop below the MYR0.235 support would invalidate the bullish setup, falling below the 21-day SMA line.
Source: RHB Securities Research - 4 Jan 2024
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