PIE Industrial is eyeing to stage a bullish breakout after testing the immediate resistance on strong volume. The stock printed a long white candlestick yesterday, showing the bullish momentum is gaining traction. If it breaks above the MYR5.80 resistance, a bullish bias will emerge. In this case, the counter may continue an upside movement towards MYR6.50, followed by the MYR7.30 level. However, if it falls below the MYR5 support, this will open the door for further corrections.

Source: RHB Securities Research - 13 Nov 2024