Teo Seng Capital is poised to extend the bullish trajectory after staging a bullish breakout. Yesterday, the counter rose higher and closed above the MYR1.90 resistance. We observed the trading volume is surging in tandem with the share price, showing strong bullish momentum is underway. The counter may print a fresh “higher high” to test MYR2.10, followed by MYR2.25. However, a breach below the MYR1.75 support would resume the downward movement.

Source: RHB Securities Research - 19 Jul 2024