Press Metal Aluminium is poised to extend the uptrend, after breaking past the resistance level of MYR5.27. With the latest price action, we think that the consolidation that started since 3 Sep is completed and ready to move higher. If it continues to trade above the resistance of MYR5.27, the next resistance level will be MYR5.60, followed by MYR6.00. Meanwhile, a downward breach of the MYR5.00 support should cancel this expectation.

Source: RHB Securities Research - 19 Oct 2020