Chin Hin rises 2.4% on positive technical outlook

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KUALA LUMPUR (July 26): Chin Hin Group Bhd shares rose 2.4% this morning following a positive technical outlook on the stock.

At 11.45am, Chin Hin added 2 sen to 84 sen for a market capitalisation of RM467.37 million.

RHB Retail Research said Chin Hin may rebound further after it tested 76 sen support recently.

In a trading stocks note today, the research house said as the stock rose above the 21-day simple moving average (SMA) line, this indicates a positive sign.

"A bullish bias may appear above the 80 sen level, with an exit set below the 76 sen threshold.

"Towards the upside, the near-term resistance is at 85 sen. This is followed by the 91 sen level," it said.