Malayan Flour Mills Bhd (MFLOUR, 3662)

• MFLOUR ended 3.8% or 3.5 sen higher to RM0.955 yesterday.

• Technically, the uptrend of MFLOUR remains intact as it is trading above all upward sloping key moving average lines. The bullishness is reinforced by recent breakout of RM0.935 supported by higher trading volume. As such, share price is likely to move higher.

• Resistance levels are projected at RM1.02 (R1) and further to RM1.06 (R2).

• For downside support, support levels are identified at RM0.88 (S1) and RM0.825 (S2).

Source: Rakuten Research - 8 Apr 2021