On the daily chart, MSM MALAYSIA HOLDINGS BERHAD (MSM) demonstrates a prevailing bearish sentiment, as indicated by multiple key technical indicators. The RSI's position below the midpoint suggests increased selling pressure. The Moving Average Convergence Divergence (MACD) indicator, currently at -0.075, reinforces the bearish outlook. The 200-day Simple Moving Average (SMA) at 2.18 and the 21 SMA at 2.36 suggest long-term and short-term bullish support, but the 62 SMA at 2.86 indicates potential short-term bearish pressure. MSM's price is expected to challenge the support level at 2.12. A breach below this level could lead to a retest of the support at 1.70. Conversely, failure to breach the support at 2.12 may prompt a rebound, with the nearest resistance at 2.50. Our research house recommends a BUY call on MSM, with a target price of RM3.18.
 

Source: BIMB Securities Research - 17 Jul 2024