KUALA LUMPUR (Aug 30): AllianceDBS Research said AWC Bhd (AWC) was under downward pressure and that AWC had on Aug 29 traded lower to 76.5 sen before closing near the day’s low at 77.5 sen (down half a sen or 6.06%).

In its evening edition yesterday, the research house said AWC continued to trade below the 20-day and 50-day moving average lines in the last 3 days.

“Following the down close on Aug 29, the stock is likely to move lower again with immediate support seen at 75 sen.

“A fall below 75 sen should see further price decline to the subsequent support at 73 sen.

“The hurdle is pegged at 78.5 sen. A rise above 78.5 sen would lift the stock to the next resistance zone, 82 sen – 85 sen,” it said.

AllianceDBS Research said stock volume traded on Aug 29 was 13.7 million shares compared to the 3-month average volume of 7.92 million 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.