Malakoff Corporation Bhd (MALAKOF, 5264)

• Share price closed 1.67% higher at RM0.61 on Tuesday.

• MALAKOF experienced a gap down last month following its 2QFY23 earnings missing expectations,mainly due to higher weighted average fuel costs. As support has been found at RM0.575, it is poised to break out of its resistance threshold of RM0.615. High buying volume has been observed over the past week as the RSI indicates uptick momentum. A bullish MACD crossover was formed yesterday thus share price is expected to move higher.

• Resistance level are identified at RM0.615 (R1) and RM0.63 (R2).

• On the flipside, support level is pegged at RM0.575 (S1).

Source: Rakuten Research - 20 Sep 2023

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