KUALA LUMPUR (Feb 23): AllianceDBS Research said the immediate support for UEM Sunrise Bhd (UEMS) was at RM1.14 and that UEMS had on Feb 22 tested previous day’s high of RM1.18 before closing unchanged at RM1.17.
In its evening edition yesterday, the research house said UEMS continued to trade above the 20-day and 50-day moving average lines.
“Following the unchanged settlement on Feb 22, the stock is likely to move lower with immediate support at RM1.14.
“A fall below RM1.14 should see further price decline to the subsequent support zone, RM1.08 – RM1.10.
“The hurdle is pegged at RM1.19. A rise above RM1.19 would lift the stock to the next resistance zone, RM1.21 – RM1.25,” it said.
AllianceDBS Research said stock volume traded on Feb 22 was 6.05 million shares compared to the 3-month average volume of 4.17 million shares.
The research house said that indicators wise that MACD was 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 a neutral zone. — theedgemarkets.com