MASTEEL

Sector: Steel

Analyzed on 19 April 2022

After close to a year of downtrend since May 2021, we could see Masteel showing signs of downtrend reversal. The share price has went above its short term EMA25/50 and mid-term EMA100 /200, fueled by growing trading volume. Also, the short term EMAs are poised to cross its mid-term EMAs which would form a bullish Golden Cross.

From a business outlook perspective, in an earlier press statement, Masteel managing director and CEO Datuk Seri Tai Hean Leng remained upbeat on the group’s prospects. This is considering that the stronger demand for steel from the accelerated pace of economic activities globally were expected to overshadow the impact of uptrending raw material prices.

Source: https://www.thestar.com.my/business/business-news/2022/04/09/lower-margin-risk-amid-another-profitable-year-for-steelmakers

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