Scope Industries may stage a bullish breakout, as it grazed the immediate resistance of RM0.19 yesterday. As the stock is trading above the 21-day SMA line, a bullish bias has emerged. If the breakout happens, the stock should travel towards the next resistance of MYR0.21, followed by MYR0.23. On the flip side, falling below the MYR0.16 support would indicate that the correction phase has resumed.
Source: RHB Securities Research - 22 Aug 2022