Binasat developing a sideways consolidation, says RHB Retail Research

Binasat developing a sideways consolidation, says RHB Retail Research
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KUALA LUMPUR (Nov 19): RHB Retail Research said Binasat  Communications Bhd has been developing a sideways consolidation phase over the past 1.5 weeks – above the 21-day SMA line – following its prior upward move.

In a trading stocks note today, the research house said an upside breach of the 37.5 sen resistance could see the stock moving towards the 42.5 sen and 45 sen resistance levels.

“A downside breach of 36 sen would invalidate this price forecast,” it said.