Cypark rises 2.82% on positive technical outlook

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KUALA LUMPUR (Oct 21): Cypark Resources Bhd shares rose 2.82% at mid-morning today, following a positive technical outlook on the stock.

At 10am, Cypark rose 4 sen to RM1.46, valuing it at RM682.46 million.

RHB Retail Research said Cypark's buying momentum may have returned after it recently rose above the 21-day simple moving average (SMA) line.

In a trading stocks note today, the research house said last Friday's candle can be regarded as a continuation of the buying momentum that started off Oct 11's upside gap.

"A positive bias may emerge above the RM1.36 level, with an exit set below the RM1.30 threshold.

"Towards the upside, the immediate resistance is at the RM1.50 mark. This is followed by the RM1.58 level," it said.