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Quick take: ARB rises 1% on technical buy

Jordan Khoo
Publish date: Tue, 14 May 2019, 11:13 AM

KUALA LUMPUR: Shares of ARB Bhd rose more than 1% in early trade after a technical buy by PublicInvest Research.

ARB, formerly known as Aturmaju Resources Bhd, rose 1.03%, or 0.5 sen to 49 sen with 5.8 million shares done. ARBB-PA gained 2.38%, or 0.5 sen to 20.5 sen.

PublicInvest said ARBB was staging a potential recovery from its congestion phase well supported by its short term EMA.

It said its RSI was trending upward while its weekly MACD formed a golden crossover a week earlier.

“Hence, both momentum and trend are anticipated to be improved in near term."

“Should resistance level of 53 sen be broken, it may continue to lift price higher to subsequent resistance level of 57 sen,” PublicInvest said.

“However, failure to hold on to support level of 47 sen may indicate weakness in the share price and hence, a cut-loss signal,” it added.

It said the stop loss level was at 51.5 sen.

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