MK Land’s months of sideways consolidation brought the stock to the 100-day MAV line last week. The 100-day MAV line, which is now situated at the RM0.39 level, has not been tested after the sharp run-up from the RM0.15 level. Last Friday’s volatile price action indicated that some traders may have noticed the significance of the 100-day MAV line. Traders can consider accumulating the shares at above the 100-day MAV line. We are eyeing the RM0.46 level as the upside target but an immediate resistance is seen at the RM0.43 level. Our cut-loss point is pegged at below the 100-day MAV line, below which RM0.38 and RM0.35 are the next support levels. The immediate technical outlook of MK Land is Neutral at the moment but could well shift to bullish after a few rounds of rallies from the 100-day MAV line.
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