Mitrajaya rises 4.44% on positive technical outlook

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KUALA LUMPUR (Sept 15): Shares in Mitrajaya Holdings Bhd rose 4.44% this morning following a positive technical outlook for the stock.

At 9.35am, Mitrajaya had risen one sen to 23.5 sen, valuing it at RM196.49 million. It saw some 2.76 million shares traded.

PublicInvest Research said Mitrajaya is potentially staging further recovery. 

In a technicals note today, the research house said slightly improved Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators currently signal a reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the resistance level of 24 sen be genuinely broken with renewed buying interest, it may continue to lift [its share] price higher to the subsequent resistance level of 26 sen.

“However, failure to hold on to the support level of 21.5 sen may indicate weakness in the share price and hence a cut-loss signal,” it said.