Mi Technovation poised for uptrend reversal, says RHB Retail Research

Mi Technovation poised for uptrend reversal, says RHB Retail Research
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KUALA LUMPUR (Sept 23): RHB Retail Research said Mi Technovation Bhd is poised for an uptrend reversal after it bounced off the support to reclaim the area above the previous breakout point of RM1.28 on Thursday (Sept 22), printing a “higher low” bullish pattern and above the 21-day simple moving average line.

In a trading stocks note on Friday, the research house said a bullish bias above that level may drive the counter further north towards RM1.43, or Sept 13’s high, followed by RM1.55, or Aug 4’s high.

“If it falls below the RM1.20 support, the stock may see a reversal in momentum as it forms a 'lower low' bearish pattern, below the average line,” it said.