KUALA LUMPUR (Oct 9): AllianceDBS Research said Mega First Corp Bhd (MFCB) had on Oct 8 traded higher to RM4.32 before closing at RM4.27 (down 1 sen or 0.23%).

In its evening edition Oct 8, the research house said MFCB continued to trade above 20-day (blue) and 50-day (red) moving average lines.

It said following the down close on Oct 8, the stock is likely to move lower with immediate support at RM4.24.

“A fall below RM4.24 would put pressure on the stock down to the subsequent support at RM4.18.

“The hurdle is pegged at RM4.40. A crossover of RM4.40 should see further price rise to the next overhead resistance at RM4.50,” it said.

AllianceDBS Research said stock volume traded on Oct 8 was 2.03 million shares compared to the 3-month average volume of 450,000 shares.