Managepay Systems is preparing to break away from the consolidation phase after it bounced off from below to above the 21-day SMA line recently. If it manages to breach the immediate resistance of MYR0.265 – forming a “higher high” pattern – a bullish bias will appear. The stock may climb towards the recent high at MYR0.295, followed by the multi-year high of MYR0.32. Meanwhile, if it falls below the MYR0.23 support, this expectation will be cancelled.

Source: RHB Securities Research - 5 Aug 2021