KUALA LUMPUR: CIMB Equities Research said looking at the chart, it seems that Time Engineering may have found a temporary support at 38.5 sen.
In its technical outlook for the stock, issued on Monday, April 26, it believed this is a base-building pattern and over time, it may stand a chance to break out of its triangle resistance channel (currently at 43.5 sen).
"However, volatility may creep in during this transition period due to its sluggish technical readings. MACD is gyrating near the zero level while its RSI is still below the 50-neutral mark," it said.
Risk takers may start to nibble now to ride the potential breakout run. However, a stop near 38 sen is a must. Next resistance is at 50 sen
followed by 59 sen next.
Time Engineering constructs and operates an independent open cycle gas-fired power station, supplies and sells electricity, and manufactures
electrical switchgears. It also develops, manages, and provides business to business e-commerce and computerized transaction facilitation services.