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Immediate hurdle for Resintech at 52 sen, says AllianceDBS Research

TheEdge Fri, Sep 30, 2016 06:28am - 3 years ago

KUALA LUMPUR (Sept 30): AllianceDBS Research said the immediate hurdle for Resintech Bhd (Resintc) was at 52 sen and that Resintc had on Sept 29 traded higher to 50.5 sen before closing at 50 sen (up half a sen or 1.01%).

In its evening edition yesterday, the research house said Resintc continued to trade above the 20-day and 50-day moving average lines in the last 2 days.

“Following the up close on Sept 29, the stock is likely to move higher again with immediate hurdle at 52 sen.

“A crossover of 52 sen should see further price rise to the next overhead resistance zone, 56 sen – 59 sen.

“The support is pegged at 47 sen. A fall below 47 sen would put pressure on the stock down to the subsequent support at 44.5 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 29 was 10.6 million shares compared to the 3-month average volume of 800,000 shares.

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

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


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