Ajinomoto (Malaysia) is looking to extend its upside movement after climbing above the resistance level on strong volume. The stock printed a bullish candlestick and closed above the MYR15 resistance level yesterday to confirm a bullish setup. Riding on the bullish momentum, the stock may travel towards MYR15.70, followed by MYR16.50. On the other hand, a fall below the MYR14 support level will negate the bullish setup.

Source: RHB Securities Research - 4 Sept 2024