Axiata Group staged a technical breakout – away from its sideways consolidation zone – on strong volume yesterday. Amidst trading above the 21-day SMA line, the bullish bias has emerged above the previous breakout level of MYR3.85. If it sustains above the level, the stock will move towards the next resistance pegged at MYR4.09, followed by MYR4.23. Meanwhile, falling below the MYR3.74 support will see the stock reverse its direction.

Source: RHB Securities Research - 23 Jul 2021