Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 11): AllianceDBS Research said Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) had on Dec 8 tested previous day’s high of 90 sen before closing at the day’s low of 86 sen (down 2 sen or 2.27%).

In its evening edition last Friday, the research house said MHB continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 3 days.

“Following the down close on Dec 8, the stock is likely to move lower with immediate support at 85 sen.

“A fall below 85 sen should see further price decline to the subsequent support zone, 81.5 sen – 83.5 sen.

“The hurdle is pegged at 92 sen. A rise above 92 sen would lift the stock to the next resistance zone, 95.5 sen – 98 sen,” it said.

AllianceDBS Research said stock volume traded on Dec 8 was 1.72 million shares compared to the 3-month average volume of 1.61 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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