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NewsImmediate support for Mitrajaya at RM1.19, says AllianceDBS Research
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Immediate support for Mitrajaya at RM1.19, says AllianceDBS Research
by Cals Wed 28 Oct 2015, 13:28
Immediate support for Mitrajaya at RM1.19, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | October 28, 2015 : 7:50 AM MYTKUALA LUMPUR (Oct 28): [size=16]AllianceDBS Research said the immediate support for Mitrajaya Holdings Bhd (Mitra) ([You must be registered and logged in to see this image.]Valuation: 2.00, Fundamental: 1.50) was at RM1.19 and that Mitra had on Oct 27 traded within previous day’s range to form an inside day bar before closing at the day’s low of RM1.21 (up 1 sen or 0.83%).
In its evening edition yesterday, the research house said Mitra continued to trade above the 20-day and 50-day moving average lines.
“The inside day bar indicated a breather in the game play.
“Given the recent share price behaviour, the stock is likely to move between RM1.19 and RM1.30 in the coming few days.
“A crossover of RM1.30 should see further price rise to the next overhead resistance zone, RM1.33 – RM1.35. However, a fall below RM1.19 would put pressure on the stock down to the subsequent support zone, RM1.10 – RM1.15,” it said.
AllianceDBS Research said stock volume traded on Oct 27 was 660,000 shares compared to the 3- month average volume of 3.12 million shares.
The research house said indicators wise, the MACD was marginally 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 neutral zone.
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