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Anzo gapped up, says AllianceDBS Research

KUALA LUMPUR (June 29): AllianceDBS Research said Anzo Holdings Bhd (Anzo) had on June 26 gapped up to reach the highest high of 18.5 sen since June 20 before closing at 17.5 sen (up 2.5 sen or 16.6%).

In its evening edition June 26, the research house said Anzo continued to trade above 20-day (blue) and 50-day (red) moving average lines.

It said the upside gap indicated the urgency to establish stock position.

It said following the up close on June 26, the stock is likely to move higher with immediate hurdle at 18.5 sen.

“A rise above 18.5 sen would see the stock gearing towards the next resistance at 20 sen.

“The support is pegged at 15 sen. A fall below 15 sen should see further price decline to the subsequent support at 12 sen,” it said.

AllianceDBS Research said stock volume traded on June 26 was 367.7 million shares compared to the 3-month average volume of 23.8 million shares.

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