ATA IMS’s upside movement may be extended after it underwent a bullish breakout. The stock has climbed above the MYR0.515 resistance to form a fresh “higher high” bullish candlestick. Trading volume has increased tremendously, showing that a strong bullish momentum is underway. Expect a follow-through price action to test next resistance point of MYR0.575, followed by MYR0.63. Conversely, breaking below the MYR0.45 support will kick off the correction phase.

Source: RHB Securities Research - 21 Jun 2024