Immediate hurdle for GFM at 73 sen, says Alliance DBS Research

TheEdge Fri, Jul 07, 2017 05:52am - 6 years View Original


KUALA LUMPUR (July 7): Alliance DBS Research said GFM Services Bhd (GFM) had on July 6 traded lower to 67 sen before closing near the day’s low at 68 sen (down 2.5 sen or 3.54%).

In its evening edition yesterday, the research house said GFM fell below the 20-day (blue) and 50-day (red) moving average lines on July 6.

“Following the down close on July 6, the stock is likely to move lower with immediate support at 65 sen.

“A fall below 65 sen should see further price decline to the subsequent support zone, 62 sen – 63.5 sen.

“The hurdle is pegged at 73 sen. A rise above 73 sen would lift the stock to the next resistance at 77.5 sen,” it said.

Alliance DBS Reserch said stock volume traded on July 6 was 6.36 million shares compared to the 3-month average volume of 3.64 million shares.

The research house said that indicators wise, the 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.

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