Magni-Tech Industries’ upward momentum may persist after the stock recorded its highest close in more than a month. In view that the 21-day SMA line is likely to begin turning upwards, this implies a positive outlook sentiment. A bullish bias may emerge above the MYR5.23 level, with an exit set below the MYR5.04 threshold. Towards the upside, the immediate resistance is at MYR5.50 level. This is followed by the MYR5.73 threshold.

Source: RHB Securities Research - 30 Aug 2019