Quick take: Nylex adds 5% on technical buy

TheStar Wed, Oct 21, 2020 09:53am - 6 months ago

KUALA LUMPUR: Nylex (M) Bhd’s rose over 5% in early trade Wednesday following a technical buy call from PublicInvest Research.

The petrochemical manufacturing company added 5.69%, or 3.5 sen to 65 sen with over one million shares traded.

PublicInvest said Nylex is recovering from its consolidation phase.

It said the corresponding RSI and MACD indicators remained healthy while trending sideways, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the resistance level of 63.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 65.5 sen and 68.5 sen,” PublicInvest said.

However, the research house said failure to hold on to a support level of 58.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

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