MR D.I.Y. Group Bhd (MRDIY, 5296)

• MRDIY may trend higher after breaking out from its five-week bullish rectangular pattern,surpassing the immediate resistance of RM1.98 with a long white candlestick yesterday. The increased trading volume also sent share price to a new 52 week high. Given the supportive technical reading in RSI and EMA, the uptrend may continue in the near term.

• We expect the rising momentum to steer the stock higher and test the next level of resistance ofRM2.20 (R1), followed by RM2.40 (R2).

• On the downside, stop-loss is set at RM1.87, below the 2nd July’s low.
  

Source: Rakuten Research - 17 Jul 2024

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