Kenanga Research & Investment
Highlights / Stock Picks of the Day - MBM Resources Berhad ("MBMR”) – Not Rated
MBMR has broken out of a “Bullish Flag” chart pattern after gaining 12 sen to close at RM4.04 yesterday. We believe that the stock has further upside to go as key indicators (e.g. Stochastic and RSI) seem to be improving. Nonetheless, we suggest traders to wait for more sustainable trading volume to confirm the bullish move before entering into a trade. The potential upside is likely to be at the RM4.40 level while the downside appears capped at RM3.90.
Source: Kenanga
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