KUALA LUMPUR: While MALAYSIAN RESOURCES CORP [] Bhd (MRCB) is still trending higher along the mid-term uptrend line stretching all the way from the 2008 low, its rally has turned more aggressive since the beginning of September this year.
OSK Research said on Thursday, Nov 4 the sharp rally has caused its share price to trade further away from the mid-term uptrend line.
It added MRCB is now consolidating the rally by constructing a new support floor at above the RM2 level.
'Traders can consider accumulating the shares at above the RM2 level and wait for a breakout from the recent high of RM2.22 to extend further the sharp rally that started in September.
'We are eyeing the RM2.70 level as the upside target. Our cut-loss point is pegged at below the strong RM2 support floor while next support is seen at the RM1.80 level,' it said.
OSK Research said on Thursday, Nov 4 the sharp rally has caused its share price to trade further away from the mid-term uptrend line.
It added MRCB is now consolidating the rally by constructing a new support floor at above the RM2 level.
'Traders can consider accumulating the shares at above the RM2 level and wait for a breakout from the recent high of RM2.22 to extend further the sharp rally that started in September.
'We are eyeing the RM2.70 level as the upside target. Our cut-loss point is pegged at below the strong RM2 support floor while next support is seen at the RM1.80 level,' it said.
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