Magni-Tech Industries Berhad (MAGNI, 7087)

• MAGNI achieved a bullish breakout above RM2.60, reaching a multi-year high, supported by twoconsecutive strong white candlesticks. The stock has been consistently trending above its 20-day EMA, signalling further upside potential driven by strong buying interest.

• We anticipate the stock to test the initial resistance at RM2.74 (R1), with RM2.88 (R2) as the nextpotential target, supported by continued upward momentum.

• On the downside, stop-loss is set at RM2.20.

Source: Rakuten Research - 26 Nov 2024

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