MK Land Holdings Bhd

• MKLAND formed a double bottom pattern recently thereafter broke above the neckline at RM0.225 with a long white marubozu candlestick on Tuesday, signalling a strong potential for a trend reversal. The higher trading volume also sent the share price to close above the 50-day EMA. In view of the 20-day EMA and 50-day EMA are converging thus confirming a bullish crossover soon, this has enhanced the near-term positive momentum.

• We expect the positive momentum to steer the stock higher and test the next resistance level of RM0.245 (R1), followed by RM0.265 (R2) in near term.

• On the downside, stop-loss is set at RM0.20.
  

Source: Rakuten Research - 12 Apr 2024

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