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NewsImmediate support for Power Root at RM2.62, says AllianceDBS Research
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Immediate support for Power Root at RM2.62, says AllianceDBS Research
by Cals Wed 16 Dec 2015, 01:24
Immediate support for Power Root at RM2.62, says AllianceDBS Research
By theedgemarkets.com / theedgemarkets.com | December 15, 2015 : 6:51 AM MYTKUALA LUMPUR (Dec 15): [size=16]AllianceDBS Research said the immediate support for Power Root Bhd (Pwroot) ([You must be registered and logged in to see this image.]Valuation: 2.10, Fundamental: 3.00) was at RM2.62 and that Pwroot had on Dec 14 gapped down to a low of RM2.64 before rebounding to close at the day's high of RM2.72 (down 0.5 sen or 1.8%).
In its evening edition yesterday, the research house said Pwroot fell below the 50-day moving average (MA) line to go between the 20-day and 50-day MA lines on Dec 14.
"The downside gap indicated the urgency to unload stock positions.
"Given the recent share price behaviour, the stock is likely to move between RM2.62 and RM2.72 in the coming few days.
"A fall below RM2.62 should see further decline to the subsequent support zone, RM2.45-RM2.50. However, a rise above RM2.72 would lift the stock to the next resistance at RM2.82," it said.
AllianceDBS Research said stock volume traded on Dec 14 was 160,000 shares compared to the three-month average volume of 580,000 shares.
The research house said 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 the neutral zone.
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