Muhibbah Engineering (M) Bhd (MUHIBAH, 5703)

• MUHIBAH may extend it upward trajectory after it broke out from the two-week bullish flag patternwith a long white candle yesterday. In view of the stock pulling further away from all the EMAs, coupled with supportive technical readings in RSI, along with a gradual rise in trading volume, it likely indicates the return of buying interest.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.80 (R1) followed by RM0.84 (R2) in the near term.

• On the downside, stop-loss is set at RM0.69, below the 10 Nov’s low.

Source: Rakuten Research - 5 Dec 2023

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