Jan 30, 2013

MISC - Trading Buy

MISC Bhd (stock code 3816) Trading/Services – RM4.53

above: MISC Daily Chart (click to enlarge)

Chart wise:
MISC’s share price has successfully penetrated the RM4.30 resistance and is heading for the RM5.00 target. Supported by rising indicators, the share price is expected to find support at RM4.40 if it decides to pull back before resuming its expected up-trend.

On the other hand, the upside breakout will prepare a platform for future upswing, although some short-term correction could be in store due to the sudden rise on Tuesday. There is also a possibility that the gap may be filled, but thereafter we expect the up-trend to be maintained. Thus we are calling a trading buy.

by Mercury Securities