The Edge Markets
25th January, 2017
KUALA LUMPUR (Jan 25): Shares of Benalec Holdings Bhd rose 4.82% in active trade this morning after RHB Retail Research said Benalec may rise higher after it recently breached above the downtrend line drawn in the chart.
At 9.07am, Benalec rose 2 sen to 43.5 sen with 2.30 million shares traded.
In a trading stocks note today, the research house said with the 21-day SMA line pointing upwards, this suggests a likelihood of increasing demand in the near term.
“A bullish bias may appear at above the 40 sen level, with an exit set below the 36 sen threshold.
“Towards the upside, the immediate resistance level is seen at 49 sen. This is followed by the 52 sen level,” it said.