Binasat rises 3.18% on positive technical outlook

Binasat rises 3.18% on positive technical outlook
-A +A

KUALA LUMPUR (Oct 11): Binasat Communications Bhd shares rose 3.18% this morning following a positive technical outlook on the stock.

At 11.16am, Binasat gained 1 sen to 32.5 sen, valuing it at RM85.5 million.

RHB Retail Research said Binasat may rebound further after it tested the 27 sen support in its latest session.

In a trading stocks note today, the research house said given that it has formed a long white candle above the 21-day simple moving average (SMA) line, this means the bullish sentiment has been enhanced.

"A positive bias may emerge above the 29 sen level, with an exit set below the 27 sen threshold.

"Towards the upside, the immediate resistance is at the 33.5 sen mark. This is followed by the 36 sen level," it said.