Niche Capital Emas climbed higher to test the resistance level of MYR0.265. With the 21-day SMA line curving up, we think the stock is gaining momentum, and may be ready to break out from the sideways zone. If this happens, the bullish momentum may send the stock price towards MYR0.29, followed by MYR0.32. A downside breach of the MYR0.245 support would negate this expectation, and the stock could fall back into a sideways consolidation mode.

Source: RHB Securities Research - 22 Oct 2020