Yong Tai up 3.90% on positive technicals

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KUALA LUMPUR (Jan 10): Shares in Yong Tai Bhd rose 3.90% this morning following a positive technical outlook for the stock.

At 9.05am, Yong Tai rose 1.5 sen to 40 sen with 2.47 million shares traded.

PublicInvest Research said Yong Tai Bhd is showing signs of recovery from its consolidation phase.

In a trading ideas note today, the research house said improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.

“Should resistance level of 42 sen be broken, it may continue to lift price higher to subsequent resistance level of 48 sen.

“However, failure to hold on to support level of 36 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.