Deleum is set to propel higher towards the 52-week high as it rebounded strongly above MYR1.05 following a technical breakout yesterday, backed by strong trading volume. Coupled with the fresh “higher high” bullish structure, the bulls may drive the stock higher towards the MYR1.13 immediate resistance, followed by the next resistance at MYR1.18, ie the 52-week high. On the other hand, falling below the MYR1 support will kick off the correction phase.

Source: RHB Securities Research - 24 Jan 2024