KUALA LUMPUR (July 11): Econpile Holdings Bhd shares rose 1.20% in early trade this morning following a positive technical outlook for the stock.

At 9.10am, Econpile added 1 sen to 84 sen for a market capitalisation of RM1.12 billion.

RHB Retail Research said Econpile Holdings Bhd may climb higher after it breached above the 80 sen threshold.

In a trading stocks note today, the research house said as the 21-day SMA line is likely to turn higher, it would appear that the bullish sentiment has been enhanced.

“A positive bias may emerge above the 80 sen level, with an exit set below the 75 sen threshold.

“Towards the upside, the immediate resistance is at the 90 sen level. This is followed by the 98 sen level,” it said.