KUALA LUMPUR: Mikro MSC Bhd’s shares rose over 6% in early trade Wednesday following a technical buy call from PublicInvest Research.
The counter added 6.38%, or 1.5 sen to 25 sen with 5.5 million shares done. It has risen some 16% so far this year.
PublicInvest said Mikro MSC is recovering from its recent pullback.
It said the corresponding RSI and MACD indicators remained healthy while undergoing congestion phase, with anticipation of continuous improvement in both momentum and trend in the near term.
“Should immediate resistance level of 24 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 25 sen and 26 sen.
“However, failure to hold on to the support level of 22.5 may indicate weakness in the share price and hence, a cut-loss signal,” the research house said.