Shares of Mestron Holdings Bhd jumped 11.63% to an all-time high during the early morning trading session following a positive technical outlook for the shares.
At 9.17am, the supplier of industrial products and services saw its shares increase by 2.5 sen to 24 sen with 85.4 million shares traded.
According to RHB Retail Research, Mestron shares soared in line with rising trading volume.
In a stock trading note today, the firm said with the recent rise in trading volume, market sentiment tends to be ‘bullish’ and Mestron shares are ready to challenge the immediate resistance level at 21.5 sen.
"If the company succeeds from resistance, we predict positive momentum to push it to the next resistance level at 24 sen and this is followed by 25.5 sen.
According to RHB Retail Research, if there is a break in the support level of 19 sen, the forecast will be 'canceled' and stock price correction will occur.
