M & A Equity Holdings Bhd (M&A, 7082)

• M&A may trended higher after it pushed out from a 3-month ascending triangle pattern with a longwhite candle yesterday. Higher trading volume also sent the share prices to close above both the 20-day and 50-day EMAs. In addition, yesterday’s white bullish candle was supported by a higher trading volume suggesting a return in buying interests.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.39 (R1) and RM0.41 (R2) in the near term.

• On the downside, stop-loss is set at RM0.33, below the 50 days EMA.

Source: Rakuten Research - 9 Jan 2024

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