Possible for further upside for Sanbumi, says PublicInvest Research

Possible for further upside for Sanbumi, says PublicInvest Research

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KUALA LUMPUR (April 16): Public Investment Bank Research said Sanbumi Holdings Bhd is showing signs of potential breakout from its sideways channel.

In a trading ideas note today, the research house said improving MACD and RSI indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

“Should resistance level of 37.5 sen be genuinely broken, it may continue to lift price higher to subsequent resistance level of 41 sen.

“However, failure to hold on to support level of 34.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.