Rakuten Trade Research Reports

Technical View - Malayan Cement Bhd

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Publish date: Wed, 10 Jul 2024, 09:38 AM
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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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