MCE Holdings Bhd (MCEHLDG, 7004)

• Share price closed 1.60% higher at RM1.90 on Monday.

• MCEHLDG has been hovering in the range of RM1.66 to RM2.10 after reaching its 52-week peak ofRM2.16 at mid-Apr 2023. It broke through its resistance at RM1.88 with a surge in buying momentum and tried to break its current level yesterday. Coupled with indicators showing uptick momentum, share price is expected to propel higher.

• Resistance levels are identified at RM1.91 (R1) and RM2.00 (R2).

• On the flipside, support levels are pegged at RM1.85 (S1) and RM1.83 (S2).

Source: Rakuten Research - 26 Sep 2023

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