Southern Steel rises 4.74% on positive technicals
KUALA LUMPUR (June 14): Southern Steel Bhd shares rose 4.74% this morning following a positive technical outlook on the stock.
At 9.24am, Southern Steel rose 4.5 sen to 99.5 sen with 362,100 shares traded.
PublicInvest Research said Southern Steel Bhd is showing initial signs of 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 RM1.00 be broken, it may continue to lift price higher to subsequent resistance level of RM1.05.
“However, failure to hold on to support level of 90 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.
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