On the daily chart, MISC BERHAD (MISC) continues to show a prevailing positive bias, trading above all the Moving Averages (MA). This is supported by a positive Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which indicates a bullish sentiment with increased buying pressure as it moves above the midpoint and approaches overbought territory. Anticipated price action suggests MISC may test the resistance level at 8.97. A successful breakout above this level could sustain the bullish momentum, possibly leading to a retest of resistance at 9.29. Conversely, failure to surpass the 8.97 resistance may result in a pullback, with the nearest support level at 8.28. Our research house recommends a BUY call on MISC, with a target price of RM10.30.
Source: BIMB Securities Research - 17 Jul 2024
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MISCCreated by kltrader | Nov 05, 2024