Date: September 26, 2024
Broker Name: CGS International Securities

Company Overview

MUI Properties Berhad is an investment holding company with various operations through its subsidiaries. These include property development, management, and investment activities. Additionally, the company operates hotels and provides educational services and money-lending services.

Technical Analysis Summary

MUI Properties (stock code 3913) has been consolidating sideways for over a month, staying just below its 52-week high. During this period, the stock formed a triangle pattern. On September 25, 2024, a surge in trading volume helped push prices above the 20-day Exponential Moving Average (EMA), signaling potential for a new leg up.

Key Technical Indicators

• Moving Average Convergence Divergence (MACD): The MACD shows signs of easing selling pressure.
• Relative Strength Index (RSI): The RSI has started to hook higher, indicating growing bullish momentum in the stock.
• Exponential Moving Averages (EMA): The stock closed above the 20-day EMA, a positive sign for potential further upside.

Support and Resistance Levels

• Entry Price Range: RM 0.41 – 0.44
• Support Levels:
  • Support 1: RM 0.385
  • Support 2: RM 0.325
• Resistance Levels:
  • Resistance 1: RM 0.48
  • Resistance 2: RM 0.50

Trading Strategy and Recommendations

Aggressive traders are encouraged to consider going long, either at the current price level or on any weakness. A stop-loss should be placed at RM 0.38, just one tick below the recent low. On the upside, the next targets are RM 0.48 and RM 0.50.

Conclusion

The technical indicators suggest that MUI Properties could experience a breakout in the days ahead, driven by increasing bullish momentum and a potential triangle breakout. For traders, the near-term upside could provide attractive returns, especially if the stock reaches its resistance levels.

This information is based on the technical analysis provided by CGS International in their Trendspotter report dated September 26, 2024.