MI Technovation Bhd (stock code: 5286) made a break out of a 11-month descending trend line it has been dwindling under in Friday trading, marking just the second time it has successfully breached the downtrend over that period of time.
The share price gapped up at the start of Friday trading and pulled ahead of the 100-day simple moving average (SMA) to an intra-day high of RM1.94.This marks a significant turn of events for the technology counter, which was listed in June last year and has spent much of the time since then in bearish straits.