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NewsImmediate support for MyEG at RM2.16, says AllianceDBS Research
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Immediate support for MyEG at RM2.16, says AllianceDBS Research
by Cals Mon 15 Feb 2016, 20:00
Immediate support for MyEG at RM2.16, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | February 15, 2016 : 6:54 AM MYTKUALA LUMPUR (Feb 15): AllianceDBS Research said the immediate support for My E.G. Services Bhd (MyEG) was at RM2.16 and that MyEG had on Feb 12 traded marginally lower to settle at the day's low of RM2.21 (down 3 sen or 1.33%).
In its evening edition last Friday, the research house said MyEG continued to stay above the 20-day and 50-day moving average lines.
"Given the recent share price action, the stock is likely to move between RM2.16 and RM2.38 in the coming few days.
"A crossover of RM2.38 should see further price rise to the next overhead resistance at RM2.60–RM2.65.
"However, a fall below RM2.16 would put pressure on the stock down to the subsequent support zone, RM2.00–RM2.05," it said.
AllianceDBS Research said stock volume traded on Feb 12 was 6.46 million shares compared to the three-month average volume of 11.2 million shares.
The research house said that indicators wise, the MACD was below the nine-day moving average line with the "sell" signal remaining intact.
It said the relative strength index indicated that the stock was currently in a neutral zone.
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