MI Technovation on track towards 5-month high, says RHB Retail Research

MI Technovation on track towards 5-month high, says RHB Retail Research
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KUALA LUMPUR (Nov 25): RHB Retail Research said MI Technovation Bhd is on track to propel towards its 5-month high after a strong bullish momentum emerged yesterday as it breached the RM1.34 immediate resistance level – printing a “White Marubozu” bullish candlestick.

In a trading stocks note today, the research house said that as the stock forms a fresh “higher high” bullish pattern, the bulls are expect to persist above that level to propel the stock towards the RM1.48 resistance, or Aug 11’s high, before reclaiming its 5-month high of RM1.62 – July 29’s high.

“Conversely, the stock may reverse direction if it falls below the RM1.23 support, forming a “lower low” bearish structure beneath the average line,” it said.