Mi Equipment rises 4.44% on positive technicals

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KUALA LUMPUR (Sept 18): Mi Equipment Holdings Bhd rose 4.44% at mid-morning today following a positive technical outlook on the stock.

At 10am, MI Equipment rose 13 sen to RM3.06 with 690,800 shares done.

RHB Retail Research said Mi Equipment Holdings Bhd may trend higher after it formed a long white candle and breached above the RM2.80 threshold.

In a trading stocks note today, the research house said this close has sent the stock to its new 52-week high, thereby enhancing the positive sentiment.

“A bullish bias may emerge above the RM2.80 level, with an exit set below the RM2.48 threshold.

“To the upside, the immediate resistance is at RM3.20. This is followed by the RM3.50 level,”it said.