Elridge Energy is attempting a bullish breakout – it tested the immediate resistance level with a bullish candlestick. The counter has been consolidating sideways below the MYR0.40 resistance. We observed that trading volume has been increasing, showing that bullish momentum is gaining traction. If it breaks past the immediate resistance, a bullish bias will emerge. In this case, it should climb towards MYR0.42, followed by MYR0.44. However, a fall below the MYR0.38 support would resume the correction phase.

Source: RHB Securities Research - 2 Oct 2024