Pharmaniaga is in the process of extending its upward movement after testing the resistance on improved volume yesterday. If it manages to breach above the immediate resistance of MYR5.56, the bullish momentum may pick up pace above the 21-day SMA line to propel the stock towards the next resistance level of MYR6.30, and subsequently MYR7.19. Conversely, if the stock falls below the MYR4.97 support level, that is below the 21-day SMA line, the expectation would be voided.

Source: RHB Securities Research - 17 Jun 2021