Immediate hurdle for FGV at 94 sen, says AllianceDBS Research

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KUALA LUMPUR (Jan 16): AllianceDBS Research said FGV Holdings Bhd (FGV) had on Jan 15 traded higher to settle at the day’s high of 93 sen (up 11 sen or 13.4%).

In its evening edition Jan 15, the research house said FGV continued to trade between the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Jan 15, the stock is likely to move higher again with immediate hurdle at 94 sen.

“A crossover of 94 sen should see further price rise to the next overhead resistance at RM1.00.

“The support is pegged at 81.5 sen. A fall below 81.5 sen would put pressure on the stock down to the subsequent support zone, 77 sen – 78 sen,” it said.

AllianceDBS Research said stock volume traded on Jan 15 was 65.1 m shares compared to the 3-month average volume of 14.5 m shares.