Immediate hurdle for JCY at 68 sen, says AllianceDBS Research

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KUALA LUMPUR (Sept 9): AllianceDBS Research the immediate hurdle for JCY International Bhd was at 68 sen and said JCY had on Sept 8 traded higher to 67.5 sen before closing near the day’s high at 66.5 sen (up 3 sen or 4.72%).

In its evening edition yesterday, the research said JCY crossed over the 20-day MA line on Sept 8.

“Following the up close, the stock is expected to test higher level again with immediate hurdle at 68 sen.

“A crossover of 68 sen should see further price rise to the next overhead resistance zone, 71 sen – 72 sen.

“The support is pegged at 64 sen. A fall below 64 sen would put pressure on the stock down to the subsequent support zone, 60 sen – 62 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 8 was 8.32 million shares compared to the 3-month average volume of 5.43 million shares.

The research house said indicators wise,the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in the neutral zone.