Joshs Finance

Technical indicators are encouraging for Salutica, says JF Apex – The Edge Markets MY

KUALA LUMPUR (July 28): JF Apex Securities Berhad said Salutica Berhad gained 1 sen to 36 sen yesterday to break the 100-day moving average at 35 sen.

In a technical stock pick note on Thursday (July 28), the research house said Salutica’s gain on July 27 broke the downtrend from 76.5 sen in August 2021.

“Technical indicators are encouraging as the RSI (reading at 67) is pointing towards the overbought zone while the MACD is trending above its signal line in the positive region.

“For the downside, if price falls lower, the first stop loss levels stood at 41 sen, marked by its 23.6% Fibonacci Retracement level,” it said.

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