Immediate hurdle for PMTech at RM4.70, says AllianceDBS Research

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KUALA LUMPUR (Nov 14): AllianceDBS Research said PM Technology Bhd (PMBTech) had on Nov 13 traded lower to RM4.44 before closing near the day’s low at RM4.45 (down 25 sen or 5.31%).

In its evening edition yesterday, the research house said PMBTech continued to stay above the 20-day (blue) and 50-day (red) moving average lines.

“Following the down close on Nov 13, the stock is likely to move lower again with immediate support at RM4.21.

“A fall below RM4.21 should see further price decline to the subsequent support zone, RM3.74 – RM3.95.

“The hurdle is pegged at RM4.70. A rise above RM4.70 would lift the stock to the next resistance at RM5.00,” it said.

AllianceDBS Research said stock volume traded on Nov 13 was 680,000 shares compared to the 3-month average volume of 200,00 shares.

The research house said that 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 a neutral zone.