MISC set for technical breakout, says RHB Retail Research

MISC set for technical breakout, says RHB Retail Research
-A +A

KUALA LUMPUR (June 14): RHB Retail Research said MISC Bhd is set for a technical breakout after it attempted to breach the resistance on strong volume last Friday.

In a trading stocks note today, the research house said that coupled with a “higher low” pattern above the 21-day SMA line, a bullish momentum may emerge if it breaks above the RM7.00 immediate resistance level.

“It may then test the next resistance at RM7.72, followed by the RM8.00 multi-month high.

“On the other hand, breaching below the RM6.77 support level will invalidate this expectation,” it said.