IHH Healthcare is poised to continue moving higher following a technical breakout on strong volume yesterday. The stock bounced off from its bottom for the past three weeks, forming “higher highs” above the 21-day SMA line recently. If it manages to stay above the MYR5.58 resistance-turned-support (the recent breakout level), the positive momentum may lift the stock towards the next resistance of MYR5.75, followed by MYR6.00. Meanwhile, dropping below the MYR5.42 support level may see the stock reverse direction to head south.

Source: RHB Securities Research - 17 Jun 2021