Mi Technovation Bhd (MI,5286)

• MI may extend it upward trajectory after breaking out from its 8-month ascending triangle patternwith a long white candle yesterday. As the stock is pulling further away from all the EMAs coupled with its RSI indicator pointing upwards, share price may see additional strength in the coming sessions.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceat RM2.15 (R1) and RM2.35 (R2) in the near term.

• On the downside, stop-loss is set at RM1.82, below the 50 days EMA.

Source: Rakuten Research - 23 Jan 2024

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