Jaks Resources is experiencing a technical rebound, as it broke away from its consolidation zone, breaching the immediate resistance of MYR0.505 on strong trading volume. With the “higher high” pattern above the 21-day SMA line, the follow-through momentum is expected to see the stock rising towards the immediate resistance level at MYR0.56, and then the MYR0.59 resistance. Meanwhile, falling below the MYR0.49 support may see the end of the positive momentum.

Source: RHB Securities Research - 23 Jul 2021