Hot Stock V.S. Industry rises 2.67%, among top gainers in early trade

Hot Stock
V.S. Industry rises 2.67%, among top gainers in early trade

KUALA LUMPUR (June 24): Shares of V.S. Industry Bhd (VS) ([You must be registered and logged in to see this image.] Financial Dashboard) were among the top gainers in early trade today after AllianceDBS Research said VS was taking a breather and said VS had on June 23 traded within previous day’s range to form an inside day bar before closing unchanged at RM4.49.
At 9.09am, VS rose 2.67% or 12 sen to RM4.61 with 422,800 shares done.
In its evening edition yesterday, AllianceDBS Research said VS continued to trade above the 20-day and 50-day moving average lines.
“The inside day bar indicated a breather in game play.
“Following the unchanged settlement on June 23, the stock is likely to move between RM4.43 and RM4.58 in the coming few days.
“A crossover of RM4.53 on a close basis should clear the high of RM4.58 with an eye to move towards the next overhead resistance zone of RM4.90 – RM5.00,” it said.
AllianceDBS Research said the support was at RM4.43, adding that a fall below RM4.43 would put pressure on the stock down to the subsequent support at RM4.28.
The research house said stock volume traded on June 23 was 400,000 shares compared to the 3-month average volume of 720,000 shares.
AllianceDBS Research said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.
The research house said the relative strength index indicated that the stock was currently in the overbought zone.