Quick take: EG Industries shares up on technical buy

KUALA LUMPUR: Shares in EG Industries Bhd rose over 4% in early trade following a technical buy call from PublicInvest Research.

The counter added 4.29%, or three sen to 73 sen with 19.5 million shares traded. It has risen some 23.7% so far this year.

PublicInvest said EG 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 the immediate resistance level of 74 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 77 sen,” it said.

However, PublicInvest said failure to hold on to support level of 67 sen may indicate weakness in the share price and hence, a cut-loss signal.

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