MI Technovation Berhad (MI, 5286)

• MI broke out from its 3-month rectangular pattern yesterday with a white candlestick. The breakoutis accompanied by the EMAs nearing a bullish crossover, as the 20-day EMA rose sharply towards the 50-day EMA. As such, we expect further upside in the near term, backed by strong RSI which reflects increasing buying interest.

• We anticipate the stock to test the initial resistance at RM2.45 (R1), with RM2.80 (R2) as the nextpotential target, supported by continued upward momentum.

• On the downside, stop-loss is set at RM1.75.

Source: Rakuten Research - 28 Nov 2024

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