Quick take: WTK rises 4.5% on technical buy

KUALA LUMPUR: Shares of WTK Holdings Bhd rose over 4.5% in early trade Thursday following a technical buy from PublicInvest Research.

The diversified timber group added 4.55%, or 1.5 sen to 34.5 sen with 2.87 million shares traded.

PublicInvest said WTK is rebounding from a congestion phase following a surge in price and volume in mid-April.

“Corresponding RSI and MACD indicators remain healthy while trending sideways, with anticipation of continuous improvement in both momentum and trend in the near term,” the research house said.

“Should the resistance level of 34.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 35.5 sen and 37.5 sen,” it added.

However, PublicInvest said failure to hold on to support level of 32 sen may indicate weakness in the share price and hence, a cut-loss signal.

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