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Quick take: Cabnet rises 9.3% on technical buy

TheStar Tue, Jul 16, 2019 09:55am - 4 months ago


KUALA LUMPUR: Cabnet Holdings Bhd rose more than 9% in early trade Tuesday following a technical buy by PublicInvest Research.

The building management solution provider rose 9.3%, or two sen to 23.5 sen. In the past one year, the counter has fallen some 35.93%.Cabnet-WA jumps 20%, or one sen to six sen. 

PublicInvest said Cabnet is showing initial signs of potential recovery from its consolidation phase.

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 nearterm. 

“Should resistance level of 23 sen be broken, it may continue to lift price higher to subsequent resistance levels of 25.5 sen and 27 sen,” PublicInvest said. 

“However, failure to hold on to support level of 20 sen may indicate weakness in the share price and hence, a cut-loss signal,” it added. 

It said the stop loss level was at 19 sen.
   








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