Mieco Chipboard is set to jump further as it breached above the immediate resistance of MYR0.59 yesterday on strong volume – printing a “White Marubozu” candlestick. If the breakout above that level is sustained, we expect the stock to print at its 52- week high at MYR0.70, followed by the next resistance of MYR0.79 – the all-time high. In the event it drops below the MYR0.57 support, the stock may resume its downtrend beneath the 21-day average line.

Source: RHB Securities Research - 9 Feb 2022