On the daily chart, MY E.G. SERVICES BERHAD (MYEG) maintains a strong positive bias, reinforced by positive signals in the Moving Average Convergence Divergence (MACD) and a Relative Strength Index (RSI) above the confirmation level, suggesting potential continuity of the upward trend. The 200-day Simple Moving Average (SMA) at 0.847 and the 62 SMA at 0.962 indicate longterm bullish support, while the 21 SMA at 1.04 suggests potential short-term bearish pressure. If this robust momentum persists, MYEG could potentially test its previous high at 1.10, with a breakout likely leading to further climbs towards the next resistance level at 1.15. Conversely, in the event of a trend reversal, key support levels to watch are between 0.97 and 0.90. Our research house recommends a BUY call on MYEG, with a target price of RM1.21.
 

Source: BIMB Securities Research - 17 Jul 2024