Friday 29 Mar 2024
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KUALA LUMPUR (Dec 12): AllianceDBS Research ManagePay Systems Bhd (MPay) had on Dec 11 traded higher to settle at the day’s high of 21.5 sen (up 1 sen or 4.87%).

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

“Given the recent share price behaviour, the stock is likely to move between 19.5 sen and 21.5 sen in the coming few days.

“A crossover of 21.5 sen should see further price rise to the next
overhead resistance at 23.5 sen.

“However, a fall below 19.5 sen would put pressure on the stock down to the subsequent support zone, 14.5 sen – 15.5 sen,” it said.

AllianceDBS Research said stock volume traded on Dec 11 was 3.0 million shares compared to the 3-month average volume of 4.75 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.

 

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