KUALA LUMPUR (Aug 21): Guan Chong Bhd shares rose 2.81% this morning following a positive technical outlook on the stock.
At 11am, Guan Chong rose 11 sen to RM4.02 for a market capitalisation of RM1.93 billion.
RHB Retail Research said Guan Chong may climb higher after forming a long white candle and leaving an upside gap.
In a trading stocks note today, the research house said this close has sent the stock to its highest close in more than two months, thereby enhancing the positive sentiment.
"A positive bias may emerge above the RM3.80 level, with an exit set below the RM3.40 threshold.
"Towards the upside, the immediate resistance is at the RM4.20 level. This is followed by the RM4.50 level," it said.