Gamuda is extending its uptrend higher after breaking the immediate resistance level. With the latest breakout from MYR3.85, we think the stock may have completed the sideways consolidation since July and is ready to move higher. The positive momentum is likely to drive the stock towards the next resistance level at MYR4.00 and followed by the MYR4.20 threshold. This positive expectation should remain valid, provided the MYR3.70 support is not breached.

Source: RHB Securities Research - 11 Dec 2020