Edelteq Holdings is set for an uptrend reversal after rebounding off the 21-day SMA line and moving past the MYR0.39 immediate resistance yesterday – with strong trading volume. The bullish momentum above the breakout level would see the counter trend higher towards the MYR0.43 resistance (14 Nov 2023’s high), followed by the next resistance at MYR0.49, ie 5 Sep 2023’s high. On the flip side, falling below the MYR0.365 support negates the bullish setup, as it would then be trading below the SMA line.

Source: RHB Securities Research - 24 May 2024