Possible further upside for Tanco, says PublicInvest Research

Possible further upside for Tanco, says PublicInvest Research
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KUALA LUMPUR (Dec 26): Public Invesment Bank Research said breaking out of descending triangle, the upbeat movement of price of Tanco Holdings Bhd is interpreted as a positive sign.

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

“Should resistance level of 14 sen be genuinely broken, it may continue to lift price higher to the subsequent resistance levels of 15.5 sen and 16.5 sen.

“However, failure to hold on to support level of 13 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.