Mieco Chipboard is experiencing a technical breakout after breaching the immediate resistance on improved volume yesterday. As such, a bullish bias emerged above the MYR0.545 resistance-turned-support level. If the stock remains above that level, the positive momentum may drive it towards the next hurdle at MYR0.60, followed by MYR0.66. Meanwhile, breaching below the MYR0.53 support will see the stock reverse its direction.

Source: RHB Securities Research - 27 Jul 2021