Bonia Corporation is set to propel higher, as it experienced a technical breakout above the MYR2.33 YTD high yesterday on the back of stronger trading volume – forming a “higher high” bullish pattern. If the momentum persists, the stock is expected to mark another YTD high at MYR2.50, followed by the MYR2.70 resistance – both levels were last seen in 2017. However, the momentum may decline if it falls below the MYR2.10 support, which is below the 21-day average line.

Source: RHB Securities Research - 26 Apr 2022