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Critical support for Mah Sing at RM1.45, says AllianceDBS Research

KUALA LUMPUR (July 28): AllianceDBS Research said the critical support for Mah Sing Group Bhd was at RM1.45 and said Mah Sing had on July 27 tested last Friday’s low of RM1.49 before closing unchanged at RM1.50.

In its evening edition yesterday, Mah Sing continued to trade below the 20-day and 50-day moving average lines.

“Given the recent share price actions, the stock is expected to move between RM1.45 and RM1.55 in the coming few days.

“A crossover of RM1.55 should see further price rise to the next overhead resistance at RM1.65.

“However, a fall below RM1.45 would put pressure on the stock down to the subsequent support zone, RM1.25 – RM1.33,” it said.

AllianceDBS Research said stock volume traded on July 27 was 1.85 million shares compared to the 3-month average volume of 1.56 million shares.

The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with the buy signal remaining intact.

It said the relative strength index indicated that the stock was currently in the oversold zone.

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