Cahya Mata Sarawak is eyeing to extend the upside movement after staging a bullish breakout. The counter has broken past the MYR1.30 resistance on the back of high volume, confirming a bullish setup. As long as the counter stays above the breakout point, we expect the follow-through price action to test the next resistance pegged at MYR1.50, followed by the MYR1.65 level. On the other hand, falling below the MYR1.20 support will negate the bullish setup.
 

Source: RHB Securities Research - 18 Jun 2024