Magni-Tech Industries Bhd (MAGNI, 7087)
• Share price closed 3.0% higher at RM2.03 on Monday.
• MAGNI has just broken out from the neckline of its double bottom pattern and closed above its MA20 & MA50 yesterday. We also noticed a bullish signal from its MACD indicator.
• Backed by upticks in its indicators plus breakout of resistance, MAGNI is poised to move higher towards its next resistance.
• Resistance levels are identified at RM2.09 (R1) and RM2.18 (R2).
• On the flipside, support levels are pegged at RM1.97 (S1) and RM1.89 (S2).
Source: Rakuten Research - 15 Feb 2022
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