Malayan Cement Bhd (MCEMENT, 3794)

and break out from its 2-months rectangular pattern. With the stock to push higher from the rising EMAs supported by a higher trading volume, we believe there is a favorable prospect for the stock to experience an upward breakout in the near term, potentially extending the current uptrend.

• In the event it breaks above the RM3.80 threshold, this will improve market sentiment and should liftthe stock towards the subsequent level of RM3.99 (R1), followed by RM4.09 (R2).

• On the downside, stop-loss is set at RM3.47, below the 23 Oct’s low.

Source: Rakuten Research - 9 Nov 2023

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