Quick take: BTM rises 5.8% on technical buy


KUALA LUMPUR: Shares in BTM Resources Bhd rose in early trade Friday following a technical buy call from PublicInvest Research.

The management services provider rose 5.88%, or 1.5 sen to 27 sen with over 14 million shares exchanged hands. BTM-WB added 1.5 sen to 17 sen.

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

It said the slightly improved RSI and MACD indicators currently signalled reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should immediate resistance level of 26.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 28 sen and 30 sen.

“However, failure to hold on to the support level of 24 sen may indicate weakness in the share price and hence, a cut-loss signal,” PublicInvest said, adding that the stop loss level is at 22 sen.

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