Quick take: Dolphin International adds 11% on technical buy

KUALA LUMPUR: Shares in Dolphin International Bhd rose 11% in early trade Friday following a technical buy from PublicInvest Research.

The counter added 11.11%, or one sen to 10 sen, its highest since mid November 2020. Dolphin-WB rose 7.14%, or 0.5 sen to 7.5 sen.

PublicInvest said Dolphin 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.

“Should immediate resistance level of 9.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 10.5 sen and 11.5 sen,” the research house said.

However, PublicInvest said failure to hold on to support level of 8.5 may indicate weakness in the share price and hence, a cut-loss signal.

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