Frontken active, up 3.26% on positive technicals

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KUALA LUMPUR (Sept 7):  Frontken Corp Bhd shares rose 3.26% in active trade at mid-morning today following a positive technical outlook on the stock.

At 9.57am, Frontken rose 3 sen to 95 sen with 9.38 million shares done.

RHB Retail Research said Frontken may climb higher after forming a long white candle and hitting its new 52-week high.

In a trading stocks note today, the research house said with the 21-day SMA line edging upwards, this also implies a positive outlook sentiment.

“A bullish bias may emerge above the 89 sen level, with anexit set below the 80 sen threshold.

“Towards the upside, the immediate resistance is at RM1.00. This is followed by the RM1.10 level,” it said.