MNRB is poised to extend the upside movement as the bullish momentum is accelerating. The stock has climbed above the MYR1.36 resistance and strengthened the bullish setup. Meanwhile, we observe trading volume has been increasing in tandem with the share price, showing that the strong bullish momentum is underway. The momentum should propel the stock towards MYR1.48, followed by MYR1.60. In the event it falls below the MYR1.27 support, this would negate the bullish setup.

Source: RHB Securities Research - 5 Feb 2024