Powerwell is poised to extend the upside movement after breaking past the resistance on high volume. The counter has jumped above the MYR0.425 resistance with a long white candlestick, which shows a strong bullish momentum is in play. After the breakout, we expect follow-through price action to test the MYR0.48 mark, followed by the MYR0.53 level. On the downside, falling below the MYR0.39 support invalidates the bullish setup and resumes the correction phase.

Source: RHB Securities Research - 17 Dec 2024