Quick take: SMTrack rises 4.5% on technical buy

  • Stock on the Move
  • Tuesday, 30 Jun 2020

KUALA LUMPUR: Shares in SMTrack Bhd rose iver 4% in early trade Tuesday following a technical buy call from PublicInvest Research.

The technology solutions provider rose 4.55%, or 0.5 sen to 11.5 sen, its highest in almost two months, with 1.3 million shares traded.

PublicInvest said SMTrack is staging a potential breakout from its sideways channel.

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

The research house said should the resistance level of 12 sen be genuinely broken with renewed buying interest, it may continue to lift price higher to the subsequent resistance level of 13.5 sen.

“However, failure to hold on to support level of 9.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said, adding that the stop loss level is at 8.5 sen.

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