MTAG Group Bhd (0213)

• MTAG closed 6.0% or 3.5 sen higher to RM0.62 yesterday.

• Since our technical view MTAG on 6 November, share price has risen 11.7% and continued to break through major resistance level on the back of higher-than-average trading volume.

• Technically speaking, yesterday’s breakout indicates the bullish uptrend remains intact given the positive signals and the sustained buying momentum is likely to see it scale new high, potentially heading towards the RM0.70 level.

• As such, resistance levels are expected at RM0.65 (R1) and further to RM0.70 (R2).

• On the contrary, support levels can be seen at RM0.58 (S1) and RM0.55 (S2).

Source: Rakuten Research - 13 Nov 2019