Boustead Holdings is in the process of a technical breakout, as it recorded a positive momentum yesterday amid a sideways consolidation phase. If it pushes past the consolidation phase capped at MYR0.63, a bullish bias may emerge to propel the stock towards the next resistance of MYR0.69, followed by MYR0.785 – the highest since 23 Jun 2021. In the event it falls below the MYR0.59 support, the bearish momentum may be seen and cause the stock to head south.

Source: RHB Securities Research - 1 Mar 2022