Avaland eyeing for technical breakout, says RHB Retail Research

• The research house said that if a breakout occurs, the stock will likely advance towards the 52-week high level at the 29 sen resistance, followed by 35.5 sen, its highest level since April 1, 2021.

KUALA LUMPUR (Jan 4): RHB Retail Research said Avaland Bhd (formerly known as MCT Bhd) is eyeing for a technical breakout as it rebounded above the 21-day simple moving average (SMA) line, touching 26 sen on stronger trading volume.

In a trading stocks note on Thursday, the research house said that if a breakout occurs, the stock will likely advance towards the 52-week high level at the 29 sen resistance, followed by 35.5 sen, its highest level since April 1, 2021.

“Conversely, a drop below the 23.5 sen support would invalidate the bullish setup, falling below the 21-day SMA line,” it said.

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