Prestaring active, up 3.54% on positive technicals

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KUALA LUMPUR (March 13): Prestariang Bhd shares rose 3.54% in active trade in the morning session today following a positive technical outlook for the stock.

At 12.29pm, Prestariang rose 2 sen to 58.5 sen with 73.20 million shares done.

AllianceDBS Research said Prestariang had on March 12 traded higher to 57 sen before settling near the day's high at 56.5 sen (up 4 sen or 7.61%).

In its evening edition yesterday, the research house said a crossover of the 60 sen hurdle would likely see Prestariang trading upward with the next upside target pegged between 69 sen and 74 sen.

It said risk taking traders can establish a buying position at 55.5 sen on a small pullback.

"Once a buying position is established, a stop loss at 54 sen level must be placed for risk capital protection, and this 54 sen is to be followed by a trailing stop loss strategy.

"If you are prepared to take a trading loss risk of RM15 (excluding brokerage) for RM135 - RM185 potential profit, you may acquire 1,000 shares with a capital amount of RM555 assuming buying order is filled at 55.5 sen," it said.