Press Metal Bhd (stock code 8869) – Industrial Products – RM2.01.
Press Metal daily chart (click to enlarge):
Chart wise:
After lingering at its RM1.73 level for the past month, Press Metal’s candle attempted to break out of its triangle formation and breached the RM2.00 level on Tuesday. As a result, its’ stochastic and RSI strengthened. The lagging MACD, meanwhile, has just crossed the trigger line on the upside.
Overall, the stock is a trading buy as a breakout has occurred and the RM1.85 level has been taken out. Beyond RM1.85, the other resistance is at RM2.05. The support, meanwhile, is at RM1.72 and RM1.60.
