Friday 29 Mar 2024
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KUALA LUMPUR (May 21): AllianceDBS Research said Muda Holdings Bhd (Muda) had on May 18 traded within previous day’s range to form an inside day bar before closing at RM2.77 (up 2 sen or 0.72%).

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

“The inside day bar indicated a breather in the game play.

“Following the up close on May 18, the stock is likely to move higher with immediate hurdle at RM2.83.

“A crossover of RM2.83 should see further price rise to the next overhead resistance at RM3.00.

“The support is pegged at RM2.65. A fall below RM2.65 would put pressure on the stock down to the subsequent support at RM2.50,” it said.  

AllianceDBS Research said stock volume traded on May 18 was 520,000 shares compared to the 3-month average volume of 2.83 million shares.

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