KUALA LUMPUR (April 21): Shares in Key Asic Bhd jumped 29.3% in active trade this morning following a positive technical outlook given for the stock.
At 9.49am, Key Asic had risen six sen to 26.5 sen, with 422.16 million shares done. The stock earlier rose to 29 sen, its highest level since October 2017.
RHB Retail Research on Monday said Key Asic is expected to kick off a major uptrend from a recent consolidation after it breached above the immediate resistance last Friday.
In a trading stocks note, 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 to below 12.5 sen would negate this expectation,” it said.