Hot Stock EG Industries rises 1.08% on technical rebound
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Hot Stock EG Industries rises 1.08% on technical rebound
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[size=28]EG Industries rises 1.08% on technical rebound
By Surin Murugiah / theedgemarkets.com | February 4, 2016 : 10:52 AM MYTKUALA LUMPUR (Feb 4): Shares of EG Industries Bhd rose 1.08% at mid-morning today on technical rebound.
At 10.25am, EG Industries climbed 1 sen to 93.5 sen with 1.76 million shares done.
Hong Leong IB Research said it was of the view that EG Industries' share price was expected to stage a strong technical rebound given its positive divergence pattern, bottoming-out indicators, and piercing line reversal candlestick pattern.
"We are targeting 99.5 sen, RM1.08 and RM1.26.
"However, always prepared to set cut loss if situation changes. Supports at RM0.91, RM0.89 with cut loss below RM0.87.
"Attractive risk to reward ratio with 36% upside against 5.9% downside," it said.
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