Saturday 18 May 2024
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KUALA LUMPUR (Sept 21): My E.G. Services Bhd (MyEG) saw its share price climb to an all-time high of RM2.41 this morning, rising 15 sen or 6.64% from its previous close.

As at 11:28 a.m., the counter pared some gains to advance by 10 sen or 4.42% to RM2.36. It was the fifth biggest gainer across Bursa Securities, and the eighth most actively-traded stock, with 16.1 million shares exchanging hands.

Yesterday, MyEG also ended the day with a 10 sen gain to settle at RM2.26.

Kenanga IB Research said the group’s share price underlying trend outlook was still positively intact, as the share price is currently supported by all its key simple moving average (SMA) trend lines.

“Besides, MACD (moving average convergence divergence) histogram is looking to set a higher high on its bullish convergence,” it said in a technical report today.

On the flipside, the research house reckoned the share price climb could face some selling resistance, given it is currently overbought, as showcased by the relative strength index (RSI) and Stochastic on the daily chart.

“Support tiers are located at RM2.25 (S1) and RM2.13 (S2) further south, where any slight retracement towards the S1 level would be a good entry point,” it said.

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