Immediate hurdle for Felda Global at RM2.18, says AllianceDBS Research

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KUALA LUMPUR (May 8): AllianceDBS Research said the immediate hurdle for Felda Global Ventures Holdings Bhd (FGV) was at RM2.18 and that FGV had on May 7 traded higher to RM2.15 before closing unchanged at RM2.09.

In its evening edition yesterday, the research house said FGV continued to stay below the 20-day and 50-day moving average lines.

The research house said that given the recent share price movement, the stock was expected to move between RM2.05 and RM2.18 in the coming few days.

“A crossover of RM2.18 should see further price rise to the next overhead resistance zone, RM2.21 – RM2.34.

“However, a fall below RM2.05 would put pressure on the stock down to the subsequent support at RM2.00,” it said.

AllianceDBS Research said stock volume traded on May 7 was 2.23 million shares compared to the 3-month average volume of 4.09 million shares.

The research house said that indicator wise, the MACD was above the 9-day moving average line.