Friday 29 Mar 2024
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KUALA LUMPUR (Dec 11): AllianceDBS Research said ML Global Bhd (Mlglobal) had on Dec 8 traded marginally higher to RM1.75 before closing at RM1.74 (up 2 sen or 1.16%).

In its evening edition last Friday, the research house said Mlglobal continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Given the recent share price behaviour, the stock is likely to move between RM1.64 and RM1.75 in the coming few days.

“A crossover of RM1.75 should see further price rise to the next overhead resistance zone, RM1.85 – RM2.00.

“However, a fall below RM1.64 would put pressure on the stock down to the subsequent support zone, RM1.55 – RM1.58,” it said.

AllianceDBS Research said stock volume traded on Dec 8 was 550,000 shares compared to the 3-month average volume of 730,000 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 an overbought zone.

 

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