Malaysian Resources Corporation Bhd

• Share price closed 4.30% higher at RM0.485 on Wednesday.

• MRCB has been on a steady uptrend, reaching its 52-week peak of RM0.515 at the beginning of Sept- 23. It attempted to break out of its current level of RM0.485 with high buying volume yesterday. MACD is poised for a potential crossover, thus the share price is expected to move higher.

• Resistance levels are identified at RM0.495 (R1) and RM0.505 (R2).

• On the flipside, support levels are pegged at RM0.42 (S1) and RM0.40 (S2).

Source: Rakuten Research - 21 Sept 2023

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