Avaland is set to propel upwards further after undergoing a technical breakout above the MYR0.365 resistance level yesterday, on a surge in trading volume. As it is riding above the 21-day SMA line, expect the stock to trend higher towards the 5- year high of MYR0.41, followed by the MYR0.525 next resistance level. On the flip side, falling below the MYR0.33 support would negate the bullish setup, as it would then be trading below the SMA line.

Source: RHB Securities Research - 15 May 2024