Quick take: Techbond rises 2.8% on technical buy

KUALA LUMPUR: Shares in Techbond Group Bhd rose 3.5% in early trade Tuesday following a technical buy by PublicInvest Research.

The adhesive manufacturing company gained 2.8%, or two sen to 73.5 sen with over 1.1 million shares done at 10.30am. Year-to-date, the counter has depreciated 20%.

PublicInvest said Techbond was showing initial signs of recovery from its downtrend.

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

“Should resistance level of 76 sen be broken, it may continue to lift price higher to subsequent resistance level of 79.5 sen,” it said.

“However, failure to hold on to support level of 69 sen may indicate weakness in the share price and hence, a cut-loss signal,” PublicInvest said.

The research house said the stop loss is at 65.5 sen.

Source: TheStar