MYEG is still riding on its long-term UPTREND and the share price recently bounced back after hitting the 62% Fibonacci Retracement level of RM0.72. The RSI is now within its five months high and the MACD line has just crossed above its signal line while speeding towards the positive territory, supporting the recent rally in the share price. We expect MYEG to test its nearest psychological resistance of RM 1.00 in a longer run. If the share price manages to break above and maintain within the RM 1.10 – RM 1.20 level, it may hit the 100% Fibonacci Projection of RM 1.48.

Nevertheless, for shorter term, we maintain NEUTRAL as there is no clear signal, and share price may trading SIDEWAYS. We expect it to remain within the RM 0.80 – RM 0.90 level for now. Its first support however stands at its previous low of RM 0.72. Should it break, next psychological support is at RM 0.60 level. Our research house has a fundamental BUY call with a TP of RM 1.22.

Source: BIMB Securities Research - 13 Sept 2022