Malaysia Steel Works (KL) Bhd (MASTEEL, 5098)

• MASTEEL is currently exhibiting a clear double bottom pattern, which is a strong indication of a potential trend reversal. The confirmation of this pattern will occur when the stock surpasses the resistance level at RM0.345. In addition, with the positive crossover of its 20-day EMA above the 50- day EMA, this bullish crossover has enhanced the near-term bullish momentum.

• If MASTEEL successfully breaks above the RM0.345 threshold, this is likely to propel the stock towards the subsequent resistance levels of RM0.37 (R1) and RM0.39 (R2).

• On the downside, stop-loss is set at RM0.31.

Source: Rakuten Research - 18 Dec 2023

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