RHB Retail Research
Trading Stocks - Magnum
Magnum has been developing a possible multi-month “Bull Flag” consolidation formation. Recent price actions suggest the stock may be attempting to break out from this formation and resume its uptrend. A breakout would be confirmed by an upside breach of MYR2.27, with the subsequent resistance points pegged at MYR2.37 and MYR2.45. A downside breach of MYR2.22 would cancel this expectation.
Source: RHB Securities Research - 4 Mar 2021
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