Quick take: Eden rises 7.69% on technical buy

  • Stock on the Move
  • Thursday, 26 Mar 2020

KUALA LUMPUR: Shares in Eden Inc Bhd rose more than 7% this morning after a technical buy by PublicInvest Research.

Eden, which is in the food and beverage business, advanced 7.69%, or one sen to 14 sen with 4.23 million shares done.

PublicInvest said Eden is on the verge of staging a potential rebound.

“Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should resistance level of 15 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 16.5 sen,” it said.

However, PublicInvest said failure to hold on to the support level of 11.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

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