KUALA LUMPUR (Aug 16): Shares in Boilermech Holdings Bhd rose 3.49% this morning following a positive technical for the stock.

At 9.36am, Boilermech added 2.5 sen to 74 sen for a market capitalisation of RM381.84 million.

RHB Retail Research said Boilermech Holdings Bhd may rebound higher after it continued holding above the 70.5 sen support.

In a trading stocks note today, the research house said as the 21-day SMA line is likely to move upwards, the bullish sentiment has been enhanced.

“A positive bias may emerge above the 70.5 sen level, with an exit set below the 70.5 sen threshold.

“Towards the upside, the immediate resistance is at the 75.5 sen level. This is followed by the 79 sen level,” it said.