MISC’s share price shot up 30 sen for the day to close at RM6.50 after the company announced full year earnings which almost tripled. From a technical perspective, MISC has broken out of its mid-term trend channel and appears poised for further rebound in its share price. From here, we expect the share price to make its way towards the RM6.91/7.00 level fairly soon. Should this level be taken out as well, the next resistance level to look out for is at RM8.00 (R2). Meanwhile, strong support should be present at the RM6.34 (S1) former resistance-turned-support.

 

Source: Kenanga