Heveaboard jumped with high trading volume yesterday, testing the resistance level of MYR0.505. With the latest price action, we think the consolidation – which started on 9 Sep – may be done, and the stock is ready to break out from the sideways zone. If this happens, expect a bullish momentum that may send the stock price towards MYR0.53, followed by MYR0.555. A downside breach of the MYR0.48 support would negate this expectation, and the stock may fall back into a sideways consolidation mode.

Source: RHB Securities Research - 21 Oct 2020