PublicInvest Research
Technical buy - MIECO
PublicInvest
Publish date: Wed, 17 May 2023, 11:50 AM
PublicInvest
0 10,817
An official blog in I3investor to publish research reports provided by PublicInvest Research team.
All materials published here are prepared by Public Investment Bank Berhad. For latest offers on Public Invest trading products and news, please refer to: https://www.publicinvestbank.com.my/pbswecos/default.asp
PUBLIC INVESTMENT BANK BERHAD (20027-W)
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
All materials published here are prepared by Public Investment Bank Berhad. For latest offers on Public Invest trading products and news, please refer to: https://www.publicinvestbank.com.my/pbswecos/default.asp
PUBLIC INVESTMENT BANK BERHAD (20027-W)
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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