MISC is set to undergo a strong technical rebound as it resumed its uptrend and breached the MYR7.40 level on significant trading volume last Friday – forming a fresh “higher high” bullish pattern. A bullish bias above that level may bring the stock higher towards MYR7.75 – 26 May’s high – before propelling upwards towards the MYR8 mark. However, the counter may move downwards if it drops below the MYR7.20 support, heading to print below the 21-day average line.

Source: RHB Securities Research - 3 Jan 2023