Mi Technovation may trend higher after it surged to a 6-month high and closed above the RM1.75 resistance on Friday. Given that the stock has broken out from the 1-month bullish rectangle pattern, the resumption of its previous uptrend may be taking place now. A bullish bias may emerge above the RM1.75 level, with stop-loss set at RM1.63, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.90, followed by RM2.00.

Entry : RM1.75–1.81

Target : RM1.90, RM2.00

Exit : RM1.63

Source: AmInvest Research - 23 Oct 2023