Technical indicators encouraging for Mah Sing, says Apex Securities

• In a technical stock pick note today, the research house said yesterday’s gains broke the downtrend from RM1.09 in April 2021, and also the previous significant resistance.

KUALA LUMPUR (Sept 8): Apex Securities Berhad said Mah Sing Group Bhd rose 1.5 sen to 63.5 sen yesterday to break the 100-day moving average at 62.3 sen.

In a technical stock pick note today, the research house said yesterday’s gains broke the downtrend from RM1.09 in April 2021, and also the previous significant resistance.

“Technical indicators are encouraging as the RSI (reading at 73) has entered the overbought zone while the MACD is trending above its signal line in the positive region.

“For the downside, if price falls lower, the first stop loss levels stand at 59.4 sen, marked by its 50- day moving average,” it said.