Wasco is attempting for a technical breakout after rebounding above the 21-day SMA line and heading towards the MYR1.09 immediate resistance, backed by strong trading volume. If it manages to break past above that level – forming a “higher high” bullish pattern – the stock may climb higher towards the MYR1.30 mark, before possibly reaching the next resistance at MYR1.46, its 4-year high. Conversely, a drop below the MYR1 support would invalidate the bullish setup, falling below the SMA line.

Source: RHB Securities Research - 19 Jan 2024