MI Technovation is on track to propel towards its 5-month high after a strong bullish momentum emerged yesterday as it breached the MYR1.34 immediate resistance level – printing a “White Marubozu” bullish candlestick. As it forms a fresh “higher high” bullish pattern, the bulls are expect to persist above that level to propel the stock towards the MYR1.48 resistance, or 11 Aug’s high, before reclaiming its 5-month high of MYR1.62 – 29 Jul’s high. Conversely, the stock may reverse direction if it falls below the MYR1.23 support, forming a “lower low” bearish structure beneath the average line.
Source: RHB Securities Research - 25 Nov 2022
