Rakuten Trade Research Reports
Technical View - Malayan Flour Mills Bhd (MFLOUR, 3662)
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Publish date: Mon, 06 Jan 2020, 10:37 AM
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Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Malayan Flour Mills Bhd (3662)
• MFLOUR closed 3.1% or 2 sen higher to RM0.67 last Friday.
• Last Friday’s move suggests renewed buying interest on the stock given the higher-than-average trading volume and positive candles. Coupled with the upward movement of key technical indicators, we expect share price to rise and potentially towards the RM0.75 level.
• From here, resistance levels are expected at RM0.71 (R1) and further to RM0.76 (R2).
• Conversely, downside support levels can be identified at RM0.62 (S1) and RM0.56 (S2).
Source: Rakuten Research - 6 Jan 2020
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