Date of Report
September 17, 2024

Broker Name
CGS International

Company Overview
MNRB Holdings Bhd underwrites all classes of general reinsurance business. The main types of general reinsurance business include proportional and non-proportional treaty reinsurance, as well as facultative reinsurance.

Stock Performance
The stock has been in consolidation for the past four months, forming a triangle pattern after hitting its 52-week high in mid-May. Last Friday’s white candle rose and broke out of the said triangle pattern. Coupled with a higher trading volume, the breakout signals that the stock is likely to resume its uptrend.

Technical Indicators

• Moving Averages: The golden cross of the 20-day over the 50-day Exponential Moving Averages (EMAs) suggests an upward bias.
• Momentum Indicators: Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have hooked higher, indicating that the bullish momentum is picking up.

Support and Resistance Levels

• Entry Prices: RM2.30–RM2.36
• Support Levels:
  • Support 1: RM2.20
  • Support 2: RM1.85
• Stop Loss: RM2.16
• Resistance Levels:
  • Resistance 1: RM2.54
  • Resistance 2: RM2.62
• Target Prices: RM2.54, RM2.62

Analysts’ Outlook
The stock’s breakout from the consolidation phase suggests a strong upward momentum. The analysts recommend aggressive traders consider entering the stock, with a stop-loss set at RM2.16. If the stock continues its uptrend, it may test historical resistances at RM2.54 and RM2.62.

Analysts Contact Information

• Lee Ching Poh

  • Phone: (60) 3 2635 9262
  • Email: [email protected]

• Kong Seh Siang

  • Phone: (60) 3 2635 9261
  • Email: [email protected]

This information has been extracted solely from the report issued on September 17, 2024, by CGS International.