MI Technovation is poised for an uptrend reversal as it bounced off the support to reclaim the area above the previous breakout point of MYR1.28 yesterday – printing a “higher low” bullish pattern and above the 21-day SMA line. A bullish bias above that level may drive the counter further north towards MYR1.43, or 13 Sep’s high, followed by MYR1.55, or 4 Aug’s high. If it falls below the MYR1.20 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 23 Sept 2022