Naked Chart Trading: MI 14 May 2024
$MI(5286.MY$ share prices surged to their highest since Feb 2022 on the back of amazing quarter result. Last Friday (May 10), Mi Technovation reported to Bursa Malaysia that its net profit for the first quarter ended March 31, 2024 (1QFY2024) had more than quadrupled to RM26.79 million from RM6.4 million in the same period last year.
The company attributed the strong earnings performance to a combination of higher revenue, which rose by 39.4% year-on-year to RM107.13 million, due to increased customer demand and foreign exchange gains amid the strengthening US dollar.
Price performance wise, MI's share prices marked a nearly 17% weekly gains while today yet to have strong buying power to break through last week high of around RM2.50 level. Let me study its chart to see whether is there a technical correction?
$MI(5286.MY$ Daily Chart
Weekly chart looks good with a breakout from ascending triangle chart pattern. Daily chart on the other hand showed the share prices still sustain above around RM2.10 previous high level. Buyers still support the prices but with potential profit taking in short term.
From Fibo retracement analysis, support levels are located at 61.8% RM2.20, 50% RM2.10 and key support 38.2% RM2. I expect the share prices to sustain above 2024 low RM1.70 level to maintain its sideway to higher trend.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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