Hot Stock Ikhmas up 3.62% on renewed buying interest

by **Cals** Wed 06 Jan 2016, 22:17

Hot Stock

[size=28]Ikhmas up 3.62% on renewed buying interest

By Surin Murugiah / theedgemarkets.com | January 6, 2016 : 9:30 AM MYT

KUALA LUMPUR (Jan 6): Shares of Ikhmas Jaya Group Bhd ([You must be registered and logged in to see this image.] Valuation: N/A, Fundamental: N/A) rose 3.62% in early trade today on renewed buying interest.

At 9.10am, Ikhmas gained 2.5 sen to 71.5 sen with 1.56 million shares done.

AllianceDBS Research said Ikhmas was ready to test higher and that Ikhmas had on Jan 5 traded higher to 72 sen before closing off the day’s high at 69 sen (up 2.5 sen or 3.75%).

In its evening edition yesterday, the research house said Ikhmas crossed over the 20-day and 50-day moving average lines on Jan 5 after spending 10 days below the same 2 MA lines.

“Following the up close on Jan 5, the stock is likely to move higher again with immediate hurdle at 72.5 sen.

“A crossover of 72.5 sen should see further price rise to the next overhead resistance zone, 79 sen – 83 sen.

“The support is pegged at 66 sen. A fall below 66 sen would put pressure on the stock down to the subsequent support at 64 sen,” it said.

AllianceDBS Research said stock volume traded on Jan 5 was 5.83 million shares compared to the 3- month average volume of 2.11 million shares.

The research house said that indicators wise, the MACD was still marginally 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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