Magni-Tech Industries Berhad (MAGNI, 7087)

• We believe Magni-Tech may trend higher after it broke above the key resistance of RM2.47 and hita 52-week high yesterday. As the stock gapped up with a long white candlestick, supported by a bullish crossover of the 20-day and 50-day EMAs, this further enhances the near-term positive momentum.

• We expect the rising momentum to steer the stock higher and test the next resistance of RM2.72 (R1)followed by RM2.80 (R2) in the near term.

• On the downside, stop-loss is set at RM2.25.
  

Source: Rakuten Research - 5 Sep 2024

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