Avaland may extend its uptrend after undergoing a bullish breakout. The counter broke past the MYR0.29 resistance recently on the heel of strong volume – indicating bullish momentum is in play now. The momentum should lift the counter towards the next resistance at MYR0.355 (the highest level since 1 Apr 2021) and followed by the MYR0.41 resistance. On the downside, support has established at the MYR0.26 level. Breaching the support would open the door for correction.

Source: RHB Securities Research - 27 Feb 2024