RHB Retail Research
Trading Stocks - Magnum
Magnum’s buying momentum may have returned after it recovered above the 55-day SMA line. Yesterday’s candle can be viewed as a continuation of the bulls extending the rebound from 6 Aug’s “Piercing Line” pattern. A bullish bias may appear above the MYR2.60 level, with an exit set below the MYR2.48 threshold. Towards the upside, the near-term resistance is at MYR2.75. This is followed by the MYR2.83 level.
Source: RHB Securities Research - 9 Aug 2019
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