Lagenda Properties closed higher last Friday. It should be ready to challenge the resistance of MYR1.17. Previously, the stock bounced upwards from the 21-day SMA line, indicating that the bulls still have firm hold on this stock. If it breaks out from the resistance, we expect the positive momentum to lift it towards the next resistance level pegged at MYR1.21, followed by MYR1.30. A downside breach of the MYR1.07 support level would nullify this expectation, and lead to a further share price correction.

Source: RHB Securities Research - 28 Dec 2020