KUALA LUMPUR (May 15): RHB Retail Research said Avaland Bhd (KL: AVALAND) is set to propel upwards further after undergoing a technical breakout above the 36.5 sen resistance level yesterday, on a surge in trading volume.
In a note on Wednesday, the research house said that as it is riding above the 21-day simple moving average (SMA) line, expect the stock to trend higher towards the 5-year high of 41 sen, followed by the 52.5 sen next resistance level.
“On the flip side, falling below the 33 sen support would negate the bullish setup, as it would then be trading below the SMA line,” it said.
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Source: EdgeProp.my
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