Malakoff Corporation Bhd (MALAKOF, 5264)

• Share price closed 2.52% higher at RM0.61 on last Monday.

• Malakoff experienced a gap down in late August 2023 following the announcement of its 2QFY23financial results. The stock is currently forming a bullish MACD crossover with high buying volume observed yesterday, and both its 20-day and 50-day EMAs are converging. These indicators suggest a positive outlook in the near term.

• It is pending a breakout from its current level, with rising momentum to test the next level ofresistance of RM0.62 (R1) followed by RM0.625 (R2).

• On the downside, stop-loss is set at RM0.575, below the 29 Aug’s low.

Source: Rakuten Research - 24 Oct 2023

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