Artroniq jumped above the immediate resistance with higher trading volume. A bullish bias emerged above the MYR0.42 resistance level, which signalled that early December’s minor consolidation may have ended. If the stock continues to trade above the resistance level, we expect the momentum to travel towards the next resistance pegged at MYR0.47, followed by MYR0.51. A downside breach of the MYR0.38 support level will nullify this expectation and see further share price corrections.

Source: RHB Securities Research - 14 Dec 2020