Shares of Key Asic Bhd jumped 29.3% during the active trading session this morning following the positive technical outlook given for the stock.
At 9.49am, Key Asic shares rose six sen to 26.5 sen with 422.16 million shares traded.
The stock previously climbed to 29 cents, its highest level since October 2017.
According to RHB Retail Research yesterday, Key Asic is expected to start an interesting trend from the recent merger after breaking the resistance level last Friday.
In a stock trading note, the firm said the ‘higher low’ support formed during the eight -week consolidation period also showed an uptrend.
The firm added that a ‘bullish bias’ appeared above the support exchange resistance (RBS) level of 14.5 sen.
“The stock is likely to rise to test the next resistance level of 16 sen followed by 17.5 sen.
"In the meantime, a 'reversal' below the 12.5 sen level will negate this expectation," he said.
