KUALA LUMPUR (Dec 13): AllianceDBS Research said Pos Malaysia Bhd (Pos) had on Dec 12 broken below the RM5.15 support to reach a low of RM5.09 before closing near the day’s low at RM5.10 (down 29 sen or 5.38%).

In its evening edition yesterday, the research house said Pos fell below the 20-day (blue) and 50-day (red) moving average lines on Dec 12 after spending 2 days above the same 2 MA lines.

“Following the down close on Dec 1, the stock is likely to move lower again with immediate support at RM5.00.

“A fall below RM5.00 should see further price decline to the subsequent support at RM4.80.

“The hurdle is pegged at RM5.15. A rise above RM5.15 would lift the stock to the next resistance zone, RM5.40 – RM5.50,” it said.

AllianceDBS Research said stock volume traded on Dec 12 was 4.17 million shares compared to the 3-month average volume of 950,000 shares.

The research house said that indicators wise, the MACD was marginally below the 9-day moving average line with a sell signal just being emitted.

It said relative strength index indicated that the stock was currently in an oversold zone.