MSM Malaysia Holdings Bhd

• MSM is poised for a potential bullish breakout from its six-month ascending triangle pattern, targeting to surpass the immediate resistance of RM1.50. With the 20-day EMA still above the 50- day EMA since the bullish crossover in mid-November coupled with the stock pulling further away from all the EMAs, a positive outlook can be expected here.

• In the event it breaks above the RM1.50 neckline, this will improve market sentiment and lift the stock towards the subsequent level of RM1.60 (R1), followed by RM1.70 (R2).

• On the downside, stop-loss is set at RM1.35, below 23 Nov’s low.

Source: Rakuten Research - 6 Dec 2023

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