Gadang is eyeing to extend the upside movement after staging a bullish breakout on high volume. The stock broke past the MYR0.41 resistance to form a “higher high” bullish candlestick. We have observed the trading volume increasing in tandem with the share price, signalling that a bullish momentum is gaining pace. Riding on this momentum, the counter may climb towards MYR0.44, followed by the MYR0.47 level. Meanwhile, falling below the MYR0.38 support kicks off the correction phase.

Source: RHB Securities Research - 25 Mar 2024