Hurdle for Axiata at RM4.83, says AllianceDBS Research

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KUALA LUMPUR (Sept 4): AllianceDBS Research said Axiata Group Bhd (Axiata) had on Sept 3 traded lower to RM4.60 before closing at RM4.71 (down 9 sen or 1.87%).

In its evening edition Monday, the research house said Axiata continued to stay above the 20-day (blue) and 50-day (red) moving average lines.

“Following the down close on Sept 3, the stock is likely to move lower with immediate support at RM4.55.

“A fall below RM4.55 should see further price decline to the subsequent support zone, RM4.25 – RM4.40.

“The hurdle is pegged at RM4.83. A rise above RM4.83 would lift the stock to the next resistance zone, RM5.00 – RM5.10,” it said.

AllianceDBS Research said stock volume traded on Sept 3 was 3.00 million shares compared to the 3-month average volume of 5.54 million shares.