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KUALA LUMPUR (June 17): AllianceDBS Research said the immediate support for EcoWorld Development Group Bhd (EcoWorld) was at RM1.23 and that EcoWorld had on June 16 traded lower to settle at the day’s low of RM1.25 (down 1 sen or 0.79%).
In its evening edition yesterday, the research house said EcoWorld continued to trade below the 20-day and 50-day moving average lines in the last two days after spending five days between the same two MA lines.
“Given the recent price action, the stock is likely to move between RM1.23 and RM1.31 in the coming few days.
“A fall below RM1.23 should see further price decline to the subsequent support zone, RM1.14 – RM1.17.
“However, a rise above RM1.31 would lift the stock to the next resistance zone, RM1.35 – RM1.40,” it said.
AllianceDBS Research said stock volume traded on June 16 was 670,000 shares compared to the 3-month average volume of 1.57 million shares.
The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with the buy signal remains intact.
It said the relative strength index indicated that the stock was currently in an oversold zone. — theedgemarkets.com
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