KUALA LUMPUR (Nov 23): AllianceDBS Research said Goodway Integrated Industries Bhd (Goodway) had on Nov 22 traded higher to 28.5 sen before closing off the day’s high at 25 sen (up 1.5 sen or 6.38%).

In its evening edition Thursday, the research house said Goodway crossed above the 20-day (blue) and 50-day (red) moving average lines on Nov 22.

“Following the up close on Nov 22, the stock is likely to move higher again with immediate hurdle at 28.5 sen.

“A crossover of 28.5 sen should see further price rise to the next overhead resistance zone, 32.5 sen – 33.5 sen.

“The support is pegged at 25 sen. A fall below 25 sen would put pressure on the stock down to the subsequent support at 22.5 sen,” it said.

AllianceDBS Research said stock volume traded on Nov 22 was 14.9 million shares compared to the 3-month average volume of 2.31 million shares.