KUALA LUMPUR (Feb 9): RHB Retail Research said Mieco Chipboard Bhd is set to jump further as it breached above the immediate resistance of 59 sen on Tuesday (Feb 8) on strong volume, printing a “White Marubozu” candlestick.

In a trading stocks note on Wednesday, the research house said if the breakout above that level is sustained, it expects the stock to print at its 52-week high of 70 sen, followed by the next resistance of 79 sen, its all-time high.

“In the event it drops below the 57 sen support, the stock may resume its downtrend beneath the 21-day average line,” the research house added.