Possible for bottom fishing in Dancomech, says PublicInvest Research

KUALA LUMPUR (Sept 25): PublicInvest Research said Dancomech Holdings Bhd is showing initial signs of recovery from its prior downtrend.

In a trading ideas note today, the research house said 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 54.5 sen be broken, it may continue to lift price higher to subsequent resistance level of 57 sen.

“However, failure to hold on to support level of 49.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.

Source: TheEdgeMarkets