Techfast rises 1.52% on positive technical outlook

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KUALA LUMPUR (July 17): Techfast Holdings Bhd shares rose 1.52% this morning following a positive technical outlook on the stock.

At 9.11am, Techfast added 0.5 sen to 33.5 sen for a market capitalisation of RM76.43 million.

RHB Retail Research said Techfast Holdings Bhd may climb higher after it breached above the 32 sen threshold.

In a trading stocks note today, the research house said as the 21-day SMA line crossed above the 55-day SMA line recently, this has enhanced the buying momentum.

“A positive bias may emerge above the 32 sen level, with an exit set below the 28.5 sen threshold.

“Towards the upside, the immediate resistance is at the 36 sen level. This is followed by the 40 sen level,” it said.