OSK Research: Technical outlook for Maybulk bearish

Maybulk Weekly Chart

KUALA LUMPUR: OSK Research said MALAYSIAN BULK CARRIERS BHD []’s (Maybulk) share price has been dropping rather quickly of late after having experienced two major technical breakdowns in the last three months.

It said on Wednesday, July 6 both the stock’s near-term and mid-term technical outlooks are firmly bearish at the moment.

“We have identified three strong support levels which may be preventing its share price from falling further. These are the RM2.09, RM1.93 and RM1.78 levels,” it said.

OSK Research said however, the stock has yet to exhibit any signs of bottoming out. To the upside, there is immediate resistance at the RM2.29 level, followed by the RM2.36 level.