Alcom shares possible for bottom fishing

KUALA LUMPUR: Alcom Group Bhd’s share price is showing signs of potential breakout from its sideway channel, according to PublicInvest Research.

Alcom fell 0.9%, or 0.5 sen to 55 sen in early trade Tuesday.

“Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

“Should resistance level of 56 sen be broken, it may continue to lift price higher to subsequent resistance levels of 60 sen and 63 sen,” PublicInvest said.

However, failure to hold on to support level of 53 sen may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level was at 51.5 sen.

Source : TheStar