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NewsImmediate support for OWG at RM2.69, says AllianceDBS Research
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Immediate support for OWG at RM2.69, says AllianceDBS Research
by Cals Tue 27 Oct 2015, 17:17
Immediate support for OWG at RM2.69, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | October 27, 2015 : 7:39 AM MYTKUALA LUMPUR (Oct 27): [size=16]AllianceDBS Research said the immediate support for Only World Group Holdings Bhd (OWG) ([You must be registered and logged in to see this image.] Valuation: N/A, Fundamental: N/A) was at RM2.69 and OWG had on Oct 26 traded higher to RM2.81 before closing near the day’s low at RM2.71 (down 2 sen or 0.73%).
In its evening edition yesterday, the research house said OWG continued to trade above the 20-day and 50-day moving average lines.
“Following the down close on Oct 26, the stock is to move lower with immediate support at RM2.69.
“A fall below RM2.69 would put pressure on the stock down to the subsequent support zone, RM2.65.
“The hurdle is at 2.81. A crossover of RM2.81 should see further price rise to the next overhead resistance zone, RM2.85 – RM2.90,” it said.
AllianceDBS Research said stock volume traded on Oct 26 was 780,000 shares compared to the 3-month average volume of 430,000 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 the overbought zone.
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