MCT staging a technical rebound, says RHB Retail Research

KUALA LUMPUR (June 10): RHB Retail Research said MCT Bhd is staging a technical rebound as it managed to sustain above 24.5 sen – its previous breakout level – on strong positive momentum.

In a trading stocks note today, the research house said coupled with a “higher low” base above the 21-day SMA line, the positive momentum may propel the stock towards the immediate resistance of 27 sen before moving higher to the 29 sen hurdle.

“This expectation would be reversed if it drops below the 22.5 sen support level,” it said.