Ahmad Zaki Resources is set to trend higher after accelerating its bullish momentum above the recent breakout level of MYR0.245 with strong volume yesterday. Riding above the 21- day SMA line, the stock may climb higher towards the MYR0.29 resistance, ie 52-week high, followed by the MYR0.33 next resistance level – 30 Dec 2020’s high. However, a fall below the MYR0.23 support increases the risk of a reversal towards a downtrend, particularly if it falls below the SMA line.

Source: RHB Securities Research - 9 Apr 2024