Tasco profit target hit in 2 market days, says AllianceDBS Research

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KUALA LUMPUR (March 21): AllianceDBS Research said Tasco Bhd (Tasco) had on March 20 traded higher to RM2.20 before closing at RM2.13 (up 13 sen or 6.5%).

In its evening edition yesterday, the research house said Tasco continued to trade above the 20-day and 50-day moving average lines.

“Following the up close on March 20, the stock is likely to move higher with immediate hurdle at RM2.20.

“A crossover of RM2.20 should see further price rise to the next overhead resistance at RM2.25.

“The support is pegged at RM2.00. A fall below RM2.00 would put pressure on the stock down to the subsequent support at RM1.90,” it said.

AllianceDBS Research said stock volume traded on March 20 was 540,000 shares compared to the 3-month average volume of 230,000 shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

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