MSM Malaysia Holdings Bhd (MSM, 5202)
- Share price has surged 84% since our last technical buy call on 18 Jan 2024.
- MSM may extend its upward trajectory after breaking out from the bullish wedge pattern a fewsessions ago. In view of the stock's bounce off the 20-day EMA with the third consecutive white candle, supported by positive technical readings in RSI and EMAs, a positive outlook is expected in the near term.
- We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM3.54 (R1) and RM3.71 (R2) in the near term.
- On the downside, stop-loss is set at RM3.06.
Source: Rakuten Research - 3 May 2024
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