Mi Equipment up 2.37% on positive technicals

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KUALA LUMPUR (Sept 5): Shares in Mi Equipment Holdings Bhd advanced 2.37% this morning following a positive technical outlook on the stock.

At 9.10am, Mi Equipment rose 6 sen to RM2.59 with 187,400 shares traded.

RHB Retail Research said Mi Equipment may trend higher after it formed a white candle and breached above the RM2.50 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 RM2.48 level, with an exit set below the RM2.28 threshold.

“Towards the upside, the immediate resistance is at RM2.70. This is followed by the RM3.00 level,” it said.