Mi Technovation is eyeing to stage a bullish breakout to cross above the immediate resistance. We observe that the stock has charted a fresh “higher high” and “higher low” candlestick, indicating the increase in bullish momentum. In the event it breaks above the MYR1.83 threshold, this will improve market sentiment. The stock should climb towards MYR2, followed by MYR2.11. On the other hand, breaching below the MYR1.68 support will nullify the expectation and set off the bearish pathway.

Source: RHB Securities Research - 23 Oct 2023