KUALA LUMPUR (Aug 23): Shares in Sasbadi Holdings Bhd (Sasbadi) rose 2.78% this morning following a positive technical outlook on the stock.

At 9.19am, Sasbadi added 0.5 sen to 18.5 sen for a market capitlisation of RM77.53 million.

AllianceDBS Research said Sasbadi had on Aug 22 traded higher to 18.5 sen  before settling at 18 sen (up 0.5 sen or 2.85%).

In its evening edition Aug 22, the research house said Sasbadi continued to trade around 20-day (blue) and 50-day (red) moving average lines in the last 3 days.

It said following the up close on Aug 22, the stock is likely to move higher with immediate hurdle at 18.5 sen.

“A crossover of 18.5 sen should see further price rise to the next overhead resistance zone, 19.5 sen – 21 sen.

“The support is pegged at 17 sen. A fall below 17 sen would put pressure on the stock down to the subsequent support at 16.5 sen,” it said.

AllianceDBS Research said stock volume traded on Aug 22 was 3.85 million shares compared to the 3-month average volume of 1.18 million shares.