Mi Technovation rises 2.32% on positive technical outlook

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KUALA LUMPUR (Oct 2): Shares in Mi Technovation Bhd rose 2.32% at mid-morning today, following a positive technical outlook on the stock.

At 10.15am, Mi Technovation added 5 sen to RM2.21 for a market capitalisation of RM1.11 billion.

RHB Retail Research said Mi Technovation may rebound higher after it continued holding above the RM2.05 support.

In a trading stocks note today, the research house said given that the stock has formed a "Bullish Harami" pattern on Sept 24, this indicates a potential rebound.

"A positive bias may emerge above the RM2.05 level, with an exit set below the RM2.05 threshold.

"Towards the upside, the immediate resistance is at the RM2.25 level. This is followed by the RM2.33 threshold," it said.