Bermaz Auto is set for a technical breakout after rebounding strongly from the support level while testing the resistance level yesterday. Underpinned by strong volume, the bullish momentum may accelerate if it breaks above the MYR1.55 immediate resistance level. It may then test the next resistance at MYR1.64, followed by the MYR1.70 psychological level. On the other hand, breaching below the MYR1.48 support level will invalidate this expectation.

Source: RHB Securities Research - 29 Jun 2021