KUALA LUMPUR (Dec 29): Shares in Mestron Holdings Bhd rose 11.63% to an all-time high in early trade today on the back of a positive technical outlook for the stock.

At 9.17am, the industrial product and service provider had risen 2.5 sen to 24 sen, with 85.4 million shares done.

RHB Retail Research said Mestron saw its share price jump higher in tandem with an increase in trading volume.

In a trading stock note today, the research house said with the recent surge in trading volume, the sentiment tends to be bullish and the stock is ready to challenge the immediate resistance level marked at 21.5 sen.

“If it breaks out from the resistance, we expect the positive momentum to drive it towards the next resistance level pegged at 24 sen.

“This is followed by 25.5 sen.

“A downside breach of the 19 sen support level will nullify this expectation and see further share price correction,” it said.