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Hot Stock Gadang rises 2.16%, extends gains
by Cals Tue 12 Jul 2016, 20:48
- Hot Stock
[size=28]Gadang rises 2.16%, extends gains
By Surin Murugiah / theedgemarkets.com | July 12, 2016 : 9:33 AM MYTKUALA LUMPUR (July 12): Gadang Holdings Bhd rose 2.16% this morning and extended its gains after AllianceDBS Research said Gadang had on July 11 traded higher to settle at the day’s high of RM2.31 (up 13 sen or 5.96%).
At 9.10am, Gadang added 5 sen to RM2.36 with 445,800 shares done.
In its evening edition yesterday, the research house said Gadang continued to trade above the 20-day and 50-day moving average lines.
“Following the up close on July 11, the stock is likely to move higher again with immediate hurdle at RM2.31.
“A crossover of RM2.31 should see further price rise to the next overhead resistance at RM2.44.
“The support is pegged at RM2.19. A fall below RM2.19 would put pressure on the stock down to the subsequent support zone, RM2.09 – RM2.13,” it said.
AllianceDBS Research said stock volume traded on July 11 was 4.71 million shares compared to the 3-month average volume of 830,000 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 an overbought zone.
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