Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 2): AllianceDBS Research said Power Root Bhd (Pwroot) had on Aug 1 traded within previous day’s range to form an inside day bar before closing near the day’s low at RM1.59 (down 3 sen or 1.85%).

In its evening edition yesterday, the research house said Pwroot continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 2 days.

“The inside day bar indicated a breather in the game play. Following the down close on Aug 1, the stock is likely to move lower with immediate support at RM1.56.

“A fall below RM1.56 would put pressure on the stock down to the subsequent support zone, RM1.48 – RM1.53.

“The hurdle is pegged at RM1.63. A crossover of RM1.63 should see further price rise to the next overhead resistance at RM1.75,” it said.

AllianceDBS Research said stock volume traded on Aug 1 was 750,000 shares compared to the 3-month average volume of 880,000 shares.

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