CIMB Retail Research said MISC has been trading in the RM9.15-RM7.80 band for the past few months.
In a technical outlook issued on Friday, Aug 6 it said if history repeats itself, there is a high possibility that prices may take a breather soon. In the past, the odds usually favour the bears when the candles are hovering near the upper band of this trading zone.
“Indicators are showing subdued pattern, suggesting that future rebound could be weak. Both MACD and RSI signal lines have flattened out,” it said.
CIMB Retail Research said traders should use any rebound towards RM9.15 to sell into strength. However, put a buy stop at RM9.30, just in case.
“If this level is taken out, this would likely be a renewed uptrend trend. Otherwise, next downside targets are RM8.46 (its 200-day SMA), RM8.04 and RM7.80,” it said.
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