Power Root is in the process of consolidating sideways following recent pullback – coupled with tapering of trading volume when declining near its support level recently. If it manages to bounce off above the consolidation level of MYR1.40, a follow-through of this bullish momentum should push the stock towards the recent high of MYR1.53, followed by the next resistance of MYR1.56, its 52-week high. However, falling below the MYR1.33 support may see the stock descending further.

Source: RHB Securities Research - 21 Dec 2021