Engtex is eyeing to stage a bullish breakout by testing the immediate resistance. The stock printed a bullish candlestick and closed above the 21-day SMA line, showing that the bullish momentum is gaining traction. If it breaks past the MYR1.16 resistance, a bullish bias will emerge. The momentum may propel the counter towards MYR1.21, followed by the MYR1.28 level. On the contrary, falling below the MYR1.08 support opens the door for downward movements.

Source: RHB Securities Research - 24 Jul 2024