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Bina Puri ready to trade higher, says AllianceDBS Research
by Cals Thu 15 Oct 2015, 17:34
Bina Puri ready to trade higher, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | October 15, 2015 : 8:16 AM MYTKUALA LUMPUR (Oct 15): AllianceDBS Research said Bina Puri Holdings Bhd (BPuri) was ready to trade higher and that BPuri had on Oct 13 crossed over the 47 sen hurdle to reach a high of 49 sen before closing at 47.5 sen (up 1.5 sen or 3.26%).
In its evening edition yesterday, the research house said BPuri continued to trade above the 20-day and 50-day moving average lines.
“Following the up close on Oct 13, the stock is expected to test higher level again with immediate hurdle at 49 sen.
“A crossover of 49 sen should see further price rise to the next overhead resistance zone, 52 sen – 53 sen.
“The support is pegged at 45 sen. A fall below 45 sen would put pressure on the stock down to the subsequent support zone, 42 sen – 43 sen,” it said.
AllianceDBS Research said stock volume traded on Oct 13 was 1.82 million shares compared to the 3-month average volume of 370,000 shares.
The research house said that indicators wise, the MACD was 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 overbought zone.
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