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Quick take: KTC rises 8.8% on technical buy

KUALA LUMPUR: Shares of Kim Teck Cheong Consolidated Bhd rose almost 9% in early trade Friday after a technical buy from PublicInvest Research.

The counter rose 8.82%, or 1.5sen to 18.5 sen with 2.29 million shares traded.

PublicInvest said KTC is recovering from its consolidation phase.

“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 18.5 sen be broken, it may continue to lift price higher to subsequent resistance levels of 19 sen and 20 sen,” the research house said.

However, PublicInvest said failure to hold onto support level of 16.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level was at 15 sen.

Source: TheStar