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Magni-Tech Industries may rise higher after it formed a long white candle and hit a new 52-week high on Friday. In view of the uncovered upside gap formed on 19 Mar with rising EMAs, the upward momentum is likely to pick up further. A bullish bias may emerge above the RM2.20 level with stop-loss set at RM2.08, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM2.40, followed by RM2.60.
With regard to the potential business opportunities, Magni will make further announcement once the relevant decision is made.
This announcement is dated 18 June 2021.
price broke out of the Bollinger upper band and formed a 52-week high at RM2.28 with volume, indicating positive buying interest. Read my full chart analysis for MAGNI here https://shorturl.at/ovy38
