Techbond climbs 3.2% on positive technical outlook

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KUALA LUMPUR (July 18): Techbond Group Bhd shares rose 3.2% this morning following a positive technical outlook on the stock.

At 11.46am, Techbond added 2.5 sen to 80.5 sen for a market capitalisation of RM185.15 million.

RHB Retail Research said Techbond may rebound further after it tested 74.5 sen support recently.

In a trading stocks note today, the research house said given that the stock has formed a "Hammer" pattern on July 15, this indicates a potential rebound.

"A bullish bias may appear above the 76.5 sen level, with an exit set below the 74.5 sen threshold.

"Towards the upside, the near-term resistance is at 81.5 sen. This is followed by the 84.5 sen level," it said.