Deleum is eyeing to extend the bullish movement after breaking past the resistance on strong volume. The stock climbed above the MYR1.40 resistance and printed a long bullish candlestick. This latest price action shows a strong bullish momentum is in play. We expect a follow-through price action to test the next resistance levels at MYR1.50 and MYR1.57. In the event, it breaches the MYR1.33 support, this invalidates the bullish setup.

Source: RHB Securities Research - 27 Aug 2024