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NewsHot Stock EG Industries jumps 4.09% on renewed buying interest
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Hot Stock EG Industries jumps 4.09% on renewed buying interest
by Cals Wed 02 Dec 2015, 20:37
- Hot Stock
[size=28]EG Industries jumps 4.09% on renewed buying interest
By Surin Murugiah / theedgemarkets.com | December 2, 2015 : 9:59 AM MYTKUALA LUMPUR (Dec 2): Shares of EG Industries Bhd (EG) ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 0.95) jumped 4.09% in early trade today after AllianceDBS Research said there was renewed buying interest emerging in EG and that EG had on Dec 1 traded higher to 86.5 sen before closing near the day’s high at 85.5 sen (up 4 sen or 4.90%).
At 9.39am, EG rose 3.5 sen to 89 sen with 3.79 million shares traded.
In its evening edition yesterday, the research house said EG continued to trade above the 20-day and 50-day moving average lines since Oct 6.
“Following the up close on Dec 1, the stock is likely to move higher again with immediate hurdle at 88 sen.
“A crossover of 88 sen should see further price rise to the next overhead resistance zone, 93 sen – 96 sen.
“The support is pegged at 81 sen. A fall below 81 sen would put pressure on the stock down to the subsequent support zone, 74 sen – 77 sen,” it said.
AllianceDBS Research said stock volume traded on Dec 1 was 7.45 million shares compared to the 3-month average volume of 3.82 million shares.
The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.
It said the relative strength index indicated that the stock was currently in the neutral zone.
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