GD Express rises 3.28% on positive technical outlook

GD Express rises 3.28% on positive technical outlook

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KUALA LUMPUR (July 16): Shares in GD Express Carrier Bhd (GDex) rose 3.28% this morning following a positive technical outlook on the stock.

At 9.13am, GDex added 1 sen to 31.5 sen for a market capitalisation of RM1.78 billion.

AllianceDBS Research said GD Express Carrier Bhd (GDex) had on July 15 traded higher to 31.5 sen before settling at 30.5 sen (up 1 sen or 3.39%).

In its evening edition July 15, the research house said a crossover of 31.5 sen hurdle would likely see Gdex trading upward with the next upside target pegged between 33.5 sen and 35 sen.

It said risk taking traders can establish a buying position at 30 sen on a small pullback.

“Once a buying position is established, a stop loss at 29.5 sen level must be placed for risk capital protection, and this 29.5 sen is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM5 (excluding brokerage) for RM35 – RM50 potential profit, you may acquire 1,000 shares with a capital amount of RM300 assuming buying order is filled at 30 sen,” it said.