• MI ended 6.6% or 21 sen higher to RM3.41 yesterday.
• The selling mode from a high of RM5.52 in Feb 2021 is likely to dissipate as share price seems to have found support at around the RM3.00 level. Yesterday’s active movements suggest MI is poised to stage a rebound on the back of improving trading volume.
• Should the buying force be extended, we expect resistance levels at RM3.74(R1) and next at RM4.00 (R2).
• For downside support, support levels are pegged at RM3.08 (S1) and RM2.99 (S2).
Source: Rakuten Research - 16 Jun 2021
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