Kim Hin Joo (Malaysia) is attempting to stage a breakout from the resistance. A bullish bias may emerge above the resistance level of MYR0.245. The stock bounced off the 21-day SMA line with higher trading volume. With the latest price action, we believe the bullish momentum is building up and it may send the stock towards the next resistance level at MYR0.26, followed by MYR0.28. Meanwhile, a downward breach of the MYR0.22 support will negate this expectation.

Source: RHB Securities Research - 28 Dec 2020