Quick take: Possible for upside for Media Prima

KUALA LUMPUR: Shares of Media Prima Bhd fell 2% in early trade despite a technical buy by PublicInvest Research.

The media company fell 2.06%, or one sen to 47.5 sen with 883,900 shares traded.

PublicInvest said Media is staging a potential breakout from its sideways channel.

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

“Should resistance level of 52.5 sen be broken, it may continue to lift price higher to subsequent resistance level of 54.5 sen.

“However, failure to hold onto support level of 48 sen may indicate weakness in the share price and hence, a cut-loss signal,” PublicInvest said.

It said the stop loss level was at 45.5 sen.

Source: TheStar