MR DIY Group has been climbing higher since its IPO in November. The stock has garnered strong buying interest, and is moving up with a higher trading volume. A bullish bias has emerged above the MYR3.00 resistance level. With trading volumes increasing, we believe the bullish momentum will extend towards the next resistance threshold at MYR3.16 – this is followed by the MYR3.30 mark. Meanwhile, a downward breach of the MYR2.68 support will negate this expectation.

Source: RHB Securities Research - 16 Dec 2020