Press Metal Aluminium Holdings is poised for a breakout after experiencing a sideways consolidation from the recent rebound. If the stock breaks above the immediate resistance level of MYR5.28 – marking a “higher high” price pattern above the 21-day SMA line – a bullish bias is expected to appear. The stock may climb towards the recent high of MYR5.48 before it extends further to the MYR6.00 psychological level. This expectation would be reversed if it drops below the MYR5.10 support level.

Source: RHB Securities Research - 9 Jun 2021