On the daily chart, MALAYSIAN PACIFIC INDUSTRIES (MPI) signaled the continuation of bullish momentum as the price gradually increased with series of positive candles pattern since midNovember 2022. This is followed by maintaining the prices above 21-day simple moving average, demonstrating that the upward trend is still intact in the short run. In addition, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both demonstrate the fact that trend and momentum are traveling in the bullish zone. We believe the price may retest its next resistance of 30.20 in the mid-term. If the price breaks and stays above 30.20, it may continue to the next resistance level at 34.48. Alternately, in the event that the price is unable to break and sustain above 30.20, then we anticipate that the price will retrace to its immediate support around 25.20. Our research house has a BUY call on MPI and a TP of RM 40.20.

Source: BIMB Securities Research - 30 Nov 2022