Malayan Cement Bhd (MCEMENT, 3794)
• Share price closed 1.1% higher at RM2.77 on Thursday.
• MCEMENT has just formed a morning star at its MA20 which acts as its support. Price is trading near the MA20 and presents a bargain hunting opportunity.
• Coupled with its uptick in RSI, its share price is expected to move higher.
• Resistance levels are identified at RM2.88 (R1) and RM2.95 (R2).
• On the flipside, support levels are pegged at RM2.77 (S1) and RM2.63 (S2).
Source: Rakuten Research - 29 Apr 2022
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