KUALA LUMPUR: Shares in Mycron Steel Bhd
rose over 11% in early trade Wednesday following a technical buy from PublicInvest Research.
The cold-rolled coil (CRC) manufacturer advanced 11.54%, or three sen to 29 sen, its highest since end-February. Year-to-date, the counter has fallen some 34%.
PublicInvest said Mycron is attempting to pick up on its prior uptrend. It said slightly improved RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.
“Should the resistance level of 27.5 sen be genuinely broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 30 sen and 32 sen.
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