AZRB is eyeing a technical breakout, says RHB Retail Research

• In a note on Wednesday, the research house said that if a breakout occurs, the bullish momentum should drive the stock towards the year-to-date high of 29 sen, followed by the next resistance point of 33 sen.

KUALA LUMPUR (May 15): RHB Retail Research said Ahmad Zaki Resources Bhd (KL:AZRB) is eyeing a technical breakout after testing the 25 sen level for the past week, while remaining above the ascending 21-day simple moving average (SMA) line.

In a note on Wednesday, the research house said that if a breakout occurs, the bullish momentum should drive the stock towards the year-to-date high of 29 sen, followed by the next resistance point of 33 sen.

“However, falling below the 22 sen support would reverse the momentum, as the counter be trading below the SMA line and forming a 'lower low' bearish structure,” it said.

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