HIL Industries’s consolidation phase has been completed, and the stock is ready to extend the uptrend, testing the immediate resistance level of MYR1.07. Riding on a strong closing yesterday, coupled with a higher trading volume, we think it may break out from the resistance soon. If this happens, the bullish momentum may send the stock price towards the next hurdle near MYR1.12, followed by MYR1.20. A downside breach of the MYR0.97 support would negate this expectation, and trigger a further stock price correction.

Source: RHB Securities Research - 28 Oct 2020