MNRB share price settled lower at RM4.54 (-1.09%) after breaking out from its multiyear trend channel last week. This was on the back of increased trading volume last week due to positive quarterly results. Chart wise, a “Shooting Star” has appeared, suggesting a bearish reversal pattern. Low trading volume suggests a lack of buying interest from investors on the stock. Besides, RSI and Stochastic indicators suggest that MNRB may be consolidating to neutralize its current overbought levels. Share price may see a retracement to its immediate ‘resistance-turned-support’ level of RM4.40. Thus, a “Trading Sell” call is placed on this stock.

 

Source: Kenanga