Cahya Mata Sarawak is set to jump to multi-month highs, as it broke off its MYR1.44 consolidation level with increasing trading volume – printing a “higher high” bullish structure with a “White Marubozu” candlestick. Bullish momentum above this level may propel the stock towards its multi-month high of MYR1.56, and then the MYR1.67 resistance level. That said, this expectation will be nullified if it falls below the support level of MYR1.39.

Source: RHB Securities Research - 20 Oct 2021