RHB Retail Research
Trading Stocks - Magnum
Magnum retraced lower towards a strong support level and we think a technical rebound could happen anytime soon. Notice that the price retracement came along a reduced trading volume – this indicates that the selling pressure has subsided. If it bounces above the resistance of MYR2.14, the next possible level will be MYR2.20 followed by MYR2.25. Meanwhile, a downside breach of the MYR2.07 support would cancel this expectation.
Source: RHB Securities Research - 30 Sept 2020
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