Quick take: Tashin rises on technical buy

KUALA LUMPUR: Shares in Tashin Holdings Bhd climbed in early trade Friday following a technical buy from PublicInvest Research.

The steel processor and manufacturer added one sen to 62.5 sen at 9.30am. Year-to-date, it has risen about 52%.

PublicInvest said Tashin was recovering from its consolidation phase, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the immediate resistance level of 66 sen be broken with renewed buying interest, it may continue to lift price higher to the subsequent resistance level of 69.5 sen.

“However, failure to hold on to support level of 58 sen may indicate weakness in the share price and hence, a cut-loss signal,” PublicInvest said, adding that the stop-loss level is at 55.5 sen.

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