BCM Alliance’s rising share price on higher trading volume is seen as an attempt to break out from the sideways zone. The stock has been consolidating sideways since September, with the immediate resistance marked at MYR0.30. A successful breakout from this resistance will see the stock trading higher to test the next hurdle at MYR0.32, followed by MYR0.35. A downside breach of the MYR0.27 support would negate this expectation, and shall see a share price correction.

Source: RHB Securities Research - 9 Dec 2020