MMAG has been trying to break out from the sideways zone since mid-November. The stock is consolidating near the immediate resistance level of MYR0.49. As trading volume has risen recently, we believe the bullish momentum is strengthening and the counter may break out soon. If this happens, the momentum may travel towards the next resistance of MYR0.52, followed by MYR0.55. Meanwhile, a downward breach of the MYR0.42 support would negate this expectation.

Source: RHB Securities Research - 8 Dec 2020