Boilermech climbs 1.5% on positive technical outlook

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KUALA LUMPUR (July 18): Shares in Boilermech Holdings Bhd climbed 1.5% this morning following a positive technical outlook on the stock.

At 10.49am, Boilermech added 1 sen to 67.5 sen for a market capitalisation of RM348.3 million.

RHB Retail Research said Boilermech may rise higher after it formed a second consecutive white candle.

In a trading stocks note today, the research house said this candle has sent the stock to its highest close in more than nine months, thereby enhancing the positive sentiment.

"A bullish bias may emerge above the 64.5 sen level, with an exit set below the 61 sen threshold.

"Towards the upside, the immediate resistance is at 70 sen. This is followed by the 75 sen level," it said.