Maybulk rises 1.63% on positive technical outlook

Maybulk rises 1.63% on positive technical outlook

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KUALA LUMPUR (July 16): Shares in Malaysian Bulk Carriers Bhd (Maybulk) gained 1.63% this morning following a positive technical outlook on the stock.

At 9.19am, Maybulk added 1 sen to 62.5 sen for a market capitalisation of RM625 million.

RHB Retail Research said Maybulk may rise higher after it breached above the 60 sen threshold.

In a trading stocks note today, the research house said as the 21-day SMA line is likely to turn higher, the bullish sentiment has been enhanced.

“A positive bias may emerge above the 60 sen level, with an exit set below the 54.5 sen threshold.

“Towards the upside, the immediate resistance is at the 65 sen level. This is followed by the 71.5 sen level,” it said.