KUALA LUMPUR (Feb 18): RHB Retail Research said Coastal Contracts Bhd is rising higher to test the immediate resistance level at 78 sen.

In a trading stocks note today, the research house said that the stock has been moving sideways since January, while a successful breakout from the resistance will see a new trend forming.

“If this happens, expect the positive momentum to drive it towards the next resistance level pegged at 82.5 sen followed by 87.5 sen.

“A downside breach of the 73 sen support would nullify this expectation and see further share price correction,” it said.