GFM Services attempted to break above its immediate resistance after bouncing off the support level on improved trading volume yesterday. The stock, which has been moving sideways for four weeks, displayed a higher low structure recently – firming a positive direction. If it manages to breach above the MYR0.34 immediate resistance level, it may head towards the next resistance of MYR0.37, followed by MYR0.395. However, if the support level of MYR0.305 is broken, this expectation would be cancelled.

Source: RHB Securities Research - 22 Apr 2021