MALAYSIAN Resources Corp Bhd made a challenge to the immediate resistance yesterday as it attempted to resume an uptrend.
The stock has been on an ascending trend since early November, and after a period of consolidation in the earlier half of December, the stock is showing signs of resuming its upward movement.
Coupled with an increase in the trading volume, the stock took on positive momentum which brought the slow-stochastic to 49 points near the mid-line and the 14-day RSI to 65 points.
Past the immediate resistance, the stock is seeing a higher price target of 57 sen.
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