Mieco ready to test higher, says AllianceDBS Research

TheEdge Thu, Jul 26, 2018 06:45am - 5 years View Original


KUALA LUMPUR (July 26): AllianceDBS Research said Mieco Chipboard Bhd (Mieco) had on July 25 tested previous day’s high of 48.5 sen before closing near the day’s high at 48 sen (up 1 sen or 2.12%).

In its evening edition yesterday, the research house said Mieco continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 4 days.

“Following the up close on July 25, the stock is likely to move higher with immediate hurdle at 50 sen.

“A crossover of 50 sen should see further price rise to the next overhead resistance zone, 52.5 sen – 57.5 sen.

“The support is pegged at 46.5 sen. A fall below 46.5 sen would put pressure on the stock down to the subsequent support zone, 43 sen – 45 sen.

AllianceDBS Research stock volume traded on July 25 was 2.18 million shares compared to the 3-month average volume of 1.88 million shares.

 

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