Ahmad Zaki Resources is eyeing a technical breakout after testing the MYR0.25 for the past week, while remaining above the ascending 21-day SMA line. If a breakout occurs, the bullish momentum should drive the stock towards the YTD high of MYR0.29, followed by the next resistance point of MYR0.33. However, falling below the MYR0.22 support would reverse the momentum, as the counter be trading below the SMA line and forming a "lower low" bearish structure.

Source: RHB Securities Research - 15 May 2024