We noticed Minetech Resources Bhd (MINETEC, 7219) had recently made it to our stock alert list due to a persistent movement around the RM0.050 key resistance level. The RSI indicator is making its way towards the “Oversell” region, while MA/EMA indicators are showing a flattish pattern. We recommend investors to lookout for volume spike (> 0.7 million shares traded per trading day) as an indication for breakout on RM0.050 level.

Our immediate TP remains at RM0.065 level, a tick below another key resistance of RM0.070.

Support Level: RM0.045/RM0.040

Resistance Level: RM0.050/RM0.065