Malaysia Steel Works KL Bhd (MASTEEL, 5098)

• Share price closed 8.05% higher at RM0.47 yesterday.

• MASTEEL broke out from its low with high volume yesterday to close above its MA20. We expect the reversal of trend from consolidation to uptrend should continue as share price is heading toward its MA50.

• There is a MACD bullish crossover from its MACD indicator. Backed by upticks in its indicators, the share price is poised to move higher.

• Resistance levels are identified at RM0.515 (R1) and RM0.565 (R2).

• On the flipside, support levels are pegged at RM0.425 (S1) and RM0.405 (S2).

Source: Rakuten Research - 13 Oct 2021