Malayan Cement Bhd

• Share price closed 1.73% higher at RM2.35 on Friday.

• MCEMENT has found its support at RM2.25 and has rebounded mildly. Despite the weak market last Friday, MCEMENT still managed to attract some buying interest. Coupled with indicators showing uptick momentum, share price is expected to go higher.

• Resistance levels are identified at RM2.59 (R1) and RM2.70 (R2).

• On the flipside, support levels are pegged at RM2.25 (S1) and RM2.22 (S2).

Source: Rakuten Research - 13 Mar 2023

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