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Will The Bulls Continue To Take Charge In 2010? (version 2)
 
Malaysia

MRCB
 

After hitting its 2009 high of RM1.51 seen on 12th August 2009, MRCB had formed a trend continuation pattern called “Symmetrical Triangle”. It started 2010 with a bang as it had a bullish breakout from the “Symmetrical Triangle” pattern. In addition, the MACD trend indicator had started to trend upwards which is indicating further upside potential for MRCB. On the upside, be on the lookout for a possible rally towards its resistance at RM1.75. However with the RSI oscillator hovering above the 70% overbought level, the stock may face the risk of a short-term pullback towards its immediate support at RM1.43. Failure to hold at this level may negate the bullish tone to see a further slide towards the next stronger support at RM1.35.

 
 
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