Masteel may trend higher, says RHB Retail Research

Masteel may trend higher, says RHB Retail Research

Masteel may trend higher, says RHB Retail Research

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KUALA LUMPUR (Feb 14): RHB Retail Research said Malaysia Steel Works (KL) Bhd (Masteel) may trend higher after it climbed above the 55-day SMA line yesterday.

In a trading stocks note today, the research house said this can be viewed as a continuation of the bulls extending the rebound from Feb 6’s “Hammer” pattern.

“A bullish bias may appear above the RM1.20 level, with an exit set below the RM1.08 threshold.

“Towards the upside, the near-term resistance level is at RM1.37. This is followed by the RM1.50 level,” it said.