KUALA LUMPUR (May 16): Eastland Equity Bhd was among the actively traded stocks on Bursa Malaysia this morning, after Public Investment Bank Bhd (Public IB) said the stock has showed signs of recovery following recent pullback and presents another possible range trading opportunity

“Improving RSI [relative strength index] and MACD [moving average convergence divergence] indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term,” Public IB said in a technical report today.

The Main Market-listed Eastland, which owns and operates the 298-room Renaissance Hotel in Kelantan, was the tenth mostly traded stock on the local bourse this morning, with some 19.64 million shares traded, equivalent to 8% of its share capital.

At 10:50am, the stock has gained 3 sen or 16.8%, and was trading at 21 sen, valuing it at a market capitalisation of RM51.59 million.

According to Public IB, Eastland may rise to higher resistance levels of between 21 sen and 23 sen, if it “genuinely” breaks the resistance level of 18 sen.

“However, failure to hold on to support level of 17 sen may indicate weakness in the share price and hence, a cut-loss signal,” it added.