Only World Group’s share price surged on higher trading volumes, and a bullish bias may emerge above the MYR0.345 immediate resistance level during the coming sessions. Underpinning the recent increase in trading volumes, we think the buying interest is gaining traction – it is likely the stock will travel towards the next resistance level pegged at MYR0.37 and followed by MYR0.395. A downside breach of the MYR0.32 support level will nullify this expectation and see further share price corrections.

Source: RHB Securities Research - 4 Jan 2021