Iskandar Waterfront City is set to move higher after it broke away from a sideways consolidation phase on high volume. The positive momentum is expected to keep the counter above the MYR0.495 resistance-turned-support level. This should take the share price towards the subsequent resistance levels of MYR0.53, then MYR0.55. Inversely, if the support level of MYR0.475 is breached – forming a “lower low”, this expectation would be reversed.

Source: RHB Securities Research - 23 Apr 2021