KUALA LUMPUR (Dec 6): Rakuten Trade said MSM Malaysia Holdings Bhd is poised for a potential bullish breakout from its six-month ascending triangle pattern, targeting to surpass the immediate resistance of RM1.50.

In a technical view note on Wednesday, the research house said that with the 20-day EMA still above the 50-day EMA since the bullish crossover in mid-November, coupled with the stock pulling further away from all the EMAs, a positive outlook can be expected here.

“In the event it breaks above the RM1.50 neckline, this will improve market sentiment, and lift the stock towards the subsequent level of RM1.60 (R1), followed by RM1.70 (R2).

“On the downside, stop-loss is set at RM1.35, below Nov 23’s low,” it said.