Kenanga Research & Investment

Actionable Technical Highlights - MALAYSIAN RESOURCES CORPORATION BHD (MRCB)

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Publish date: Mon, 14 Oct 2024, 05:26 PM
Daily Charting - MRCB (Technical Buy)

Technical chart

Key Levels
Name: MALAYSIAN RESOURCES CORPORATION BHD
Bursa Code: MRCB
CAT Code: 1651
Market Cap: RM2.7b

MALAYSIAN RESOURCES CORPORATION BHD (Technical Buy)

  • Malaysian Resources Corporation Bhd (MRCB) ended at RM0.610 last Friday, marking a 1.67% gain. Notably, the stock closed above its crucial 200-day SMA of RM0.606, while the 5-day SMA has crossed above the 13-day SMA, indicating a potential bullish signal. Additionally, the recent lows have been gradually rising, suggesting strengthening support.
  • From a technical standpoint, the stochastic oscillator is trending upward at 36.11, indicating a potential build-up in buying interest as the stock moves out of oversold territory. The Tom Demark Pressure Ratio (TDPR) stands at 59.63, suggesting neutral-to-bullish momentum. Meanwhile, RSI is at 56.31, reflecting a shift toward positive sentiment and signalling room for further upward movement.
  • Looking forward, a breakout above the immediate resistance at RM0.655 could propel the stock towards the next resistance level at RM0.700. On the downside, key support level is identified at RM0.575 (50-day SMA), with additional support at RM0.550, which could act as a solid foundation if the stock faces further selling pressure.
  • We recommend entering the stock at RM0.610 with a take-profit target set at RM0.650, offering an upside potential of about 6.6%. To manage risk, we suggest setting a stop-loss at RM0.570, limiting potential losses to around 6.6%.

Source: Kenanga Research - 14 Oct 2024

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