MNRB Holdings staged an attempt to breach its immediate resistance level on the back of strong volume. Also, the 21- day SMA line is curving higher – this implies an upward direction ahead. If the stock breaks above the MYR1.34 level, a bullish bias is likely to appear. The next resistance level is pegged at MYR1.41, followed by the recent high of MYR1.47. If the support level of MYR1.27 is breached, this trading set-up would be invalidated.

Source: RHB Securities Research - 6 Apr 2021