KUALA LUMPUR (Jan 8): PublicInvest Research said Chin Well Holdings Bhd is staging potential recovery from its consolidation phase.

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 RM1.50 be broken, it may continue to lift price higher to subsequent resistance levels of RM1.56 and RM1.60.

“However, failure to hold on to support level of RM1.38 may indicate weakness in the share price and hence, a cut-loss signal,” it said.