Nationgate Holdings is eyeing a technical breakout after bouncing off the 21-day SMA line while testing the MYR1.47 immediate resistance yesterday – backed by the increasing trading volume. If a breakout happens, the stock may trend higher towards the MYR1.58 resistance, and potentially the next resistance at MYR1.76 – the all-time high. On the contrary, a breach below the MYR1.37 support would increase the risk of a downtrend reversal, as it falls beneath the SMA line.

Source: RHB Securities Research - 22 Mar 2024