PublicInvest Research

Technical buy - MIECO

Publish date: Wed, 17 May 2023, 11:50 AM
0 10,282
An official blog in I3investor to publish research reports provided by PublicInvest Research team.

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9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718

  • Target Price: RM0.675, RM0.710
  • Last closing price: RM0.640
  • Potential return: 5.4%, 10.9%
  • Support: RM0.625
  • Stop Loss: RM0.585
  • Possible for sideways breakout. MIECO is potentially staging a breakout from  its sideways channel, with anticipation of continuous improvement in both  momentum and trend in the near term. Should immediate resistance level of  RM0.675 be broken with renewed buying interest, it may continue to lift price  higher to subsequent resistance level of RM0.710.

However, failure to hold on to support level of RM0.625 may indicate weakness  in the share price and hence, a cut-loss signal.

Source: PublicInvest Research - 17 May 2023

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