MISC is set to propel northwards as it staged a technical breakout above the MYR7.53 resistance yesterday on significant trading volume, printing a “White Marubozu” bullish candlestick. Supported by the “higher high” bullish pattern, the stock is expected to propel towards the resistance of MYR8.55 – the highest point since Jun 2020 – followed by the MYR9.41 multi-year high. However, the momentum may lose steam if it falls below the MYR7.29 support, which is below the 21-day average line.

Source: RHB Securities Research - 7 Apr 2022