KUALA LUMPUR (July 24): AllianceDBS Research said Tien Wah Press Holdings Bhd (Tienwah) had on July 21 traded lower to settle at the day’s low of RM1.83 (down 7 sen or 3.68%).

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

“Following the down close on July 21, the stock is likely to move lower with immediate support at RM1.75.

“A fall below RM1.75 should see further price decline to the subsequent support at RM1.70.

“The hurdle is pegged at RM1.85. A rise above RM1.85 would lift the stock to the next resistance zone, RM1.90 - RM1.95,” it said.

AllianceDBS Research said stock volume traded on July 21 was 240,000 shares compared to the 3-month average volume of 60,000 shares.

The research house said that indicators wise, the MACD was marginally 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 a neutral zone.