MHB gained 6.0 sen (+8.11%) to close at RM0.800 yesterday.
Yesterday’s move was backed by strong trading volume and we think it has now confirmed a breakout from the previous RM0.700 resistance level.
With the share appearing to bottom-out from the downtrend, overall technical outlook is looking increasingly bullish with the share trending above all key SMAs.
Expect MHB to meet some resistance at RM0.865 (R1) where a break above might see another rally towards the RM1.00 (R2) psychological resistance level.
Conversely, supports can be identified at RM0.700 (S1) and RM0.630 (S2)
VIS (Not Rated)
VIS gained 3.0 sen (+5.0%) to close at RM0.635 yesterday, with 2.8m shares exchanging hand, double of its 20-day average.
Trend line is bullish since early April, with yesterday’s close saw a decisive breakout from RM0.618 prior resistance level.
Technical indicators all in supportive towards a move to the next high, with key SMAs continuously in “Golden Crossover” as well as minor upticks seen in the MACD, RSI and Stochastic.
Key resistance to lookout for is RM0.720 (R1). Once taken out, the share is on a clearer path for the next leg higher high towards resistance level RM0.830 (R2).
Immediate downside support can be found at the resistance-turned-support level of RM0.600 (S1) and RM0.555 (S2) further down.
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MQ Trader 7303 views | 6 d ago
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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