MGB Bhd

• Buying interests of MGB has returned after it broke out from its 3-week bullish rectangular pattern with three consecutive white candles. As its 20-day EMA is starting to turn upward and a potential convergence with its 50-day EMA, this suggest that its bullish momentum is picking up further.

• We expect the rising momentum is set to steer the stock higher and test the next resistance of RM0.745 (R1) followed by RM0.76 (R2) in the near term.

• On the downside, stop-loss is set at RM0.63, below its bullish rectangular bottom.

• Fundamentally, MGB announced its first precast order from Saudi Arabia worth SAR94.5m (MYR119.5m) through a contract involving SANY Alameriah Industrials (SA) and SALD Industrial Company on 8 Feb 2024. This marks MGB’s first international project, and a well-timed entry into the kingdom’s property development and housing sector, thereby to enhance its order win outlook and accelerate its earning growth moving forward.

Source: Rakuten Research - 13 Feb 2024

To sign up for an account : http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity:http://bit.ly/3I5Jzxo