WCE active, up 6.9% on positive technicals

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KUALA LUMPUR (April 5): Shares in WCE Holdings Bhd rose 6.9% in active trade at mid-morning today, following a positive technical outlook on the stock.

At 10.20am, WCE rose 4 sen to 62 sen with 4.62 million shares done.

Public Investment Bank said WCE is riding on its gradual uptrend.

In a trading ideas note today, the research house said improving relative strength index (RSI) and moving average convergence divergence (MACD) indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

"Should resistance level of 59.5 sen be broken, it may continue to lift price higher to subsequent resistance level of 65 sen.

"However, failure to hold on to support level of 55 sen may indicate weakness in the share price and hence, a cut-loss signal," it said.