KUALA LUMPUR (Sept 13): Pos Malaysia Bhd shares rose 3.61% this morning following a positive technical outlook on the stock.

At 9.20am, Pos Malaysia rose 6 sen to RM1.72 with 1.27 million shares traded.

PublicInvest Research said Pos Malaysia Bhd is showing initial signs of recovery from its recent pullback.

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 RM1.72 be broken, it may continue to lift price higher to subsequent resistance levels of RM1.84 and RM1.93.

“However, failure to hold on to support level of RM1.56 may indicate weakness in the share price and hence, a cut-loss signal,” it said.