• MFLOUR rose 4.5% or 4 sen to RM0.915 yesterday.
• Yesterday’s price action indicates renewed buying interest on the stock as it formed a positive candle after a short period of consolidation from a high of RM1.06. With key indicator RSI pointing upwards, buying force is likely to persist and possibly to form a breakout.
• From here, resistance levels are identified at RM0.94 (R1) and RM1.06 (R2).
• On the downside, support levels are pegged at RM0.84 (S1) and RM0.81 (S2).
Source: Rakuten Research - 12 Mar 2021
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