MISC rises to two-year high on positive technical outlook

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KUALA LUMPUR (Oct 10): Shares in MISC Bhd rose 2.01% to its highest level in more than two years this morning following a positive technical outlook on the stock.

At 9.38am, MISC rose 16 sen to RM8.14, valuing the group at RM36.34 billion.

RHB Retail Research said MISC may rise higher after it continued holding above the RM7.70 support.

In a trading stocks note today, the research house said in view of the positive slope of the 21-day simple moving average (SMA) line, this implies a positive outlook.

"A bullish bias may emerge above the RM7.90 level, with an exit set below the RM7.70 threshold.

"Towards the upside, the immediate resistance is at RM8.50. This is followed by the RM9.00 level," it said.