KUALA LUMPUR: Shares of E.A. Technique (M) Bhd, which exited its Practice Note 17 (PN17) status today, declined in early trade on Thursday.
The marine transportation and offshore storage company fell 7.04%, or 2.5 sen, to 33 sen at 9.50 am, with 9.36 million shares traded.
RHB Investment Bank Research said E.A. Technique was set to extend its upside movement after staging a bullish breakout.
“It printed a long bullish candlestick and closed above the 34.5 sen resistance, indicating a bullish setup is in play.
“The 21-day SMA line is also pointing upwards, which shows the short-term trend is bullish.
“Premised on this momentum, the stock should travel towards 37.5 sen, followed by the 40 sen mark. A fall below the 32 sen support negates the bullish setup,” RHB said in a report.
Meanwhile, E.A. Technique is set to change its name to Avangaad Bhd, effective from 9.00 am on Feb 24.
