PLYTEC is eyeing to extend the upside movement after staging a bullish breakout. The stock has crossed above the MYR0.36 resistance to confirm a bullish setup. Meanwhile, trading volume has been increasing in tandem with the share price, showing a strong bullish momentum is underway. Riding on the momentum, the counter may test the next resistance at MYR0.39, followed by the MYR0.42 level. On the other hand, falling below the MYR0.33 support opens the door for a correction.

Source: RHB Securities Research - 25 Jul 2024