Maybulk Is Consolidating Its Recent Bounce, According to RHB Retail Research

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Malaysian Bulk Carriers Bhd is firming up its recent bounce, RHB Retail Research stated, as it managed to hold above the 71.5 sen resistance-turned-support level on heavy volume yesterday.

The research house stated in a trade equities note today that bullish momentum above that level is projected to continue, potentially propelling the stock to the recent high of 77 sen, before reaching 85.5 sen, or its 52-week high.

“However, this assumption will be cancelled if the price falls below the 68.5 sen support level,” it stated.

Published by Zack Baharum

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