Friday 29 Mar 2024
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KUALA LUMPUR (April 19): Shares in Key Asic Bhd rose 10% in active trade this morning following a positive technical outlook given for the stock.

At 11.30am, Key Asic had risen 1.5 sen to 16.5 sen, with 165.64 million shares done, valuing it at RM195.44 million.

RHB Retail Research said Key Asic is expected to kick off a major uptrend from a recent consolidation after it breached above the immediate resistance yesterday.

In a trading stocks note today, the research house said the “higher low” support formed during the eight-week consolidation period also signalled an uptrend.

“A bullish bias has emerged above the 14.5 sen resistance-turned-support level.

“As such, the stock may head north to test the next resistance of 16 sen, followed by 17.5 sen.

“Meanwhile, a reversal below 12.5 sen would negate this expectation,” it said.

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