KUALA LUMPUR (Feb 14): Malaysia Steel Works (KL) Bhd (Masteel) shares rose 4.88% this morning, following a positive technical outlook on the stock.
At 9.02am, Masteel rose 6 sen to RM1.29 with 495,400 shares done.
RHB Retail Research said Masteel may trend higher after it climbed above the 55-day SMA line yesterday.
In a trading stocks note today, the research house said this can be viewed as a continuation of the bulls extending the rebound from Feb 6’s “Hammer” pattern.
“A bullish bias may appear above the RM1.20 level, with an exit set below the RM1.08 threshold.
“Towards the upside, the near-term resistance level is at RM1.37. This is followed by the RM1.50 level,” it said.