Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 14): AllianceDBS Research said SCGM Bhd (Scgm) had on Aug 11 traded marginally lower to settle at the day’s low of RM2.95 (down 5 sen or 1.66%).

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

“Following the down close on Aug 11, the stock is likely to move lower again with immediate support at RM2.90.

“A fall below RM3.00 would put pressure on the stock down to the subsequent support zone, RM2.80 – RM2.85.

“The hurdle is pegged at RM3.00. A crossover of RM3.00 should see further price rise to the next overhead resistance zone, RM3.10 - RM3.20,” it said.

AllianceDBS Research said stock volume traded on Aug 11 was 230,000 shares compared to the 3-month average volume of 100,000 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 an oversold zone.

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