MFCB: Broke Above the Recent High of RM4.03

MFCB broke above the psychological level at RM4.00 as well as the recent high of RM4.03 today. Volume increased to nearly 2 million shares.

Chart 1: MFCB's weekly chart as at Sep 23, 2019_3.40pm (Source: Malaysiastock.biz)

Its warrant, MFCB-WA also broke above its downtrend line at RM1.80.


Chart 2: MFCB-WA's weekly chart as at Sep 23, 2019_3.40pm (Source: Malaysiastock.biz)

Why are these securities breaking upward? That question will remain unanswered for now. If you look at its financial performance over the past 24 quarters, you will see that its profit dipped in the last 2 quarters.


Graph: MFCB's financial performance for the last 24 quarters

Based on the upside breakout for MFCB and its warrant, MFCB-WA, both securities may go higher in the near term. Thus, both securities could be for trading BUYs.