Mieco Chipboard jumped above the resistance level, signalling the completion of its consolidation yesterday. As trading volume has increased, the stock is very likely to see its multiweek uptrend extended. A positive bias may emerge above MYR0.72, with resistance levels pegged at MYR0.78, followed by MYR0.82. A downside breach of the MYR0.68 support level would nullify this expectation, and lead to a further share price correction.

Source: RHB Securities Research - 7 Dec 2020