MESB is posing a bullish setup after climbing above a key resistance. The counter has closed above the MYR0.58 resistance – confirming the bullish setup – while the 21-day SMA line is trending upwards. Meanwhile, trading volume has been increasing in tandem with the share price, indicating a strong bullish momentum is underway. The stock is eyeing to test the next resistance at MYR0.64, followed by the MYR0.70 level. On the other hand, falling below the MYR0.53 support negates the bullish setup.
 

Source: RHB Securities Research - 26 Jun 2024