GDex rises 1.67% on positive technical outlook

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KUALA LUMPUR (July 19): GD Express Carrier Bhd (GDex) shares rose 1.67% at mid-morning today, following a positive technical outlook on the stock.

At 10.19am, GDex added 0.5 sen to 30.5 sen for a market capitalisation of RM1.72 billion.

PublicInvest Research said GDex retraced but was still well-supported above medium-term exponential moving average (EMA) despite market weakness.

In a trading ideas note today, the research house said as recent uptrend remains intact, neutral reading as indicated by relative strength index (RSI) and moving average convergence divergence (MACD) currently signals reasonable entry level to buy the dip, with anticipation of improvement in both momentum and trend in the near term.

"Should resistance level of 32 sen be broken, it may continue to lift price higher to subsequent resistance level of 34.5 sen.

"However, failure to hold on to support level of 29.5 sen may indicate weakness in the share price and hence, a cut-loss signal," it said.