Elridge Energy is attempting to continue the bullish trajectory, testing the immediate resistance on high volume. The counter is seen consolidating sideways below the MYR0.465 resistance. Recently, it printed a series of “higher highs” with “higher lows”, showing the bullish momentum is gaining traction again. In the event it breaks past the MYR0.465 resistance, expect the bullish momentum to increase speed and lift it towards MYR0.49, followed by MYR0.52. Conversely, falling below the MYR0.435 support will invalidate the positive expectation.

Source: RHB Securities Research - 15 Jan 2025