MBM Resources may undergo a bullish breakout, thereby testing the immediate resistance on high volume. The stock has climbed above the 21-day SMA line and printed a bullish candlestick, showing that the underlying momentum is bullish. If it closes above the MYR6 resistance, a bullish setup will be confirmed. In this case, expect fresh bullish momentum to propel it towards MYR6.30, followed by MYR6.60. Towards the downside, if it falls below the MYR5.65 support, this will kickstart the correction phase.

Source: RHB Securities Research - 15 Oct 2024