Mah Sing facing downward pressure, says AllianceDBS Research

KUALA LUMPUR (Aug 18): AllianceDBS Research said Mah Sing Group Bhd was facing downward pressure and said Mah Sing had on Aug 17 fell below the RM1.47 level to settle at the day’s low of RM1.45 (down 3 sen or 2.02%).

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

“Following the down close on Aug 17, the stock is likely to test a lower level again with immediate support at RM1.45.

“A fall below RM1.45 should a see further price decline to the subsequent support at RM1.34.

“The hurdle is pegged at RM1.55. A rise above RM1.55 would lift the stock to the next resistance zone of RM1.57 – RM1.60,” it said.

AllianceDBS Research said stock volume traded on Aug 17 was 330,00 shares compared to the 3-month average volume of 1.54 million shares.

The research house said indicators wise, the MACD was still 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 the oversold zone.

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