KUALA LUMPUR (May 8): Shares of Cypark Resources Bhd rose in early trade today after AllianceDBS Research said Cypark Resources Bhd was in a position to test higher level and said Cypark had on May 7 traded higher to settle at the day’s high of RM1.95 (up 5 sen or 2.63%).
At 9.18am, Cypark (Fundamental: 1.30; Valuation: 1.80) rose 2.05% or 4 sento RM1.99 with 63,400 shares traded.
In ite evening edition yesterday, AllianceDBS Research said Cypark continued to trade above the 20-day and 50-day moving average lines in the last 3 days.
The research house said following the up close on 7 May 2015, the stock is expected to test higher level again with immediate hurdle seen at RM1.96.
“A crossover of RM1.96 should see further price rise to the next overhead resistance at RM2.10. The support is at RM1.87.
“A fall below RM1.87 would put pressure on the stock down to the subsequent support zone, RM1.80 – RM1.82,” it said.
AllianceDBS Research said the stock volume traded on May 7 was 500,000 shares compared to the 3-month average volume of 40,000 shares.
Indicator wise, the MACD is marginally above the 9-day moving average line, said the research house.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for details on a company’s financial dashboard.)