Technical Pick: Abric (7061)
Abric has gained so much of interest since the beginning of the year with increased in daily volume and volatility. On technical side, the stock is at uptrend with short term correction. It has been supported well by 20-days moving average even though it has now hoovering below 20-MA.
By looking at the indicators, MACD is at zero line but the green bar on the past few sessions showed that it is poised for a back up to positive line any time soon. RSI has pointed to oversold indicating a buying support to be coming soon. Recent selling has also seen thin volume indicating the support is still strong and the stock will hold above RM0.495. A close above RM0.510 will see the stock testing immediate resistance of RM0.535 before the uptrend continues. Stop loss should be set at 0.495.
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