MPI has been bullish after it broke out from the long-term channel resistance at early-September with buying motivated by its potential high dividend yield of 7% in FY14. In fact, the share price is poised to break out from the bullish “Pennant” formation as RSI continues build up strength. Should the share price overcome the overhead resistance @RM2.90 in a decisive manner, we suspect the share price may continue the bullish rally towards RM3.14, based on previous two similar measurement objectives. Meanwhile, for trading purpose, a protective short-term downside support is pegged at RM2.80. 

 

Source: Kenanga