KUALA LUMPUR (Jan 2): Revenue Group Bhd shares rose 8.63% this morning following a positive technical outlook on the stock.

At 11.52am, Revenue Group rose 12 sen to RM1.51, valuing it at RM588.02 million.

RHB Retail Research said Revenue Group's upside move may persist after it continued holding above the rising 21-day SMA line.

In a trading stocks note today, the research house said as the stock has recently recorded a new 52-week high, the positive sentiment has been enhanced.

"A positive bias may emerge above the RM1.36 level, with an exit set below the RM1.25 threshold.

"Towards the upside, the immediate resistance is at RM1.50. This is followed by the RM1.60 level," it said.