Kelington Group is eyeing to extend its upside movement after breaking past the resistance on high volume. We have observed the stock managing to cross above the 21-day SMA line and closing above the MYR3.10 resistance with a bullish candlestick. The latest price action signals that the underlying momentum is bullish. The positive momentum should lift the counter towards the next resistance at MYR3.30, followed by a higher one at MYR3.50. On the other hand, falling below the MYR2.90 support resumes the correction phase.

Source: RHB Securities Research - 19 Sept 2024