Friday 29 Mar 2024
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KUALA LUMPUR (Sept 23): Shares in Cypark Resources Bhd rose 2.22% at mid-morning today following a positive technical outlook on the stock.

At 10.36am, Cypark rose 3 sen to RM1.38 for a market capitalisation of RM645.07 million.

PublicInvest Research said Cypark is staging for potential recovery from its prior downtrend.

In a trading ideas note today, the research house said improving relative strength index (RSI) and moving average convergence divergence (MACD) indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

"Should resistance level of RM1.43 be broken, it may continue to lift price higher to subsequent resistance level of RM1.54.

"However, failure to hold on to support level of RM1.32 may indicate weakness in the share price and hence, a cut-loss signal," it said.

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