KUALA LUMPUR (Dec 24): Malaysian Bulk Carriers Bhd (Maybulk) shares rose 6.2% in the morning session today following a positive technical outlook on the stock.

At 12.21pm, Maybulk rose 3.5 sen to 60 sen with 997,400 shares traded.

RHB Retail Research said Maybulk may climb higher after posting a long white candle and leaving an upside gap.

In a trading stocks note today, the research house said this can be viewed as a continuation of the bulls extending the rebound from Dec 19's "Bullish Engulfing" pattern.

"A bullish bias may emerge above the 55 sen level, with an exit set below the 50 sen threshold.

"Towards the upside, the immediate resistance is at 63 sen. This is followed by the 68 sen level," it said.