Ireka Corporation is in the process of breaching its consolidation phase of MYR0.64, as it bounced off its support while crossing above the 21-day average line yesterday, following a “Hammer” bullish reversal candlestick at the support level recently. If it manages to cross above that level, the bulls may drive the stock towards the nearest resistance of MYR0.67, followed by MYR0.70. Conversely, falling below the MYR0.61 support will cancel this expectation.

Source: RHB Securities Research - 2 Dec 2021