ES Ceramics Technology extended its rally to test the immediate resistance level of MYR1.40, with a higher trading volume recorded. Since 11 Sep, the trading volume has been rising in tandem with the rebounding of its share price. If the breakout from resistance level is successful, the next levels will be at MYR1.53 and MYR1.66. A downside breach of the MYR1.27 support will negate this expectation, and the stock could fall back into a sideways consolidation mode.

Source: RHB Securities Research - 14 Oct 2020