Ancom Logistics is eyeing to test the recent high, as it reversed towards an upward movement. We observed it bouncing off from the support level and breaking above the immediate resistance on strong volumes. The positive bias above MYR0.39 is expected to see the stock climb towards the next resistance level of MYR0.41, followed by MYR0.435. Inversely, if the support level of MYR0.375 is broken, a downwards movement is anticipated.

Source: RHB Securities Research - 30 Apr 2021