Minetech Resources is attempting to break out from its immediate resistance amidst consolidating sideways. Observe the trading volume is tapering while the stock price is hovering near the resistance, indicating that the bullish momentum stays intact. If it breaks out above the resistance level of MYR0.215, the bullish momentum may extend towards the next resistance level pegged at MYR0.23, followed by the multi-month high of MYR0.25. Meanwhile, if the support level of MYR0.205 is breached, this expectation would be cancelled.

Source: RHB Securities Research - 13 Apr 2021