Malayan Cement Bhd (MCEMENT, 3794)
- MCEMENT may extend its upward trajectory after breaking out from its one-month rectangularpattern with a long white candle last Friday. Given the stock pulling further away from all EMAs, coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the upward momentum.
- We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM5.55 (R1) and RM6.00 (R2) in the near term.
- On the downside, stop-loss is set at RM4.83.
Source: Rakuten Research - 10 Jul 2024
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