Recall that we had previously issued a Trading Buy call on MPI back on 10-Feb-15 as the share price formed a bullish ‘Flag’ pattern which led us to anticipate a potential breakout for another run of rally. Since then, the share price has failed to perform according to our expectation as it consolidate right after staging a breakout. With the low trading volume seen, the stock seems to lack follow through buying interest. Besides, key indicators (MACD, Stochastic and RSI) are also posing a flattish picture, suggesting that near-term outlook for the stock looks lacklustre for now. With that, we are deciding to close position on this counter as we deemed our previous technical view to be invalid for now. We will relook into the stock once the share price technical outlook looks more compelling again.

Source: Kenanga