MISC surged 22 sen or 3.2% to close higher at RM7.12 on high volume; technically breaking out from an ‘Ascending Triangle’ chart pattern while also moving further ahead of all its SMA lines, showcasing a positive trend movement after breaking through the RM7.00 resistance level. MACD indicator is less conclusive though, with the sideway movement, painting a more neutral picture. However, both Stochastics and RSI indicators are heading north with the former in the overbought region, suggesting a strong buying momentum. Moving forward, we expect the share price to ride on the bullish momentum should it be supported by the continuous buying interest. We project a long-term target price of RM8.94, 3 bids below our pole measurement objective.

 

 

Source: Kenanga