Immediate hurdle for UEM Edgenta at RM2.70, says AllianceDBS Research

Immediate hurdle for UEM Edgenta at RM2.70, says AllianceDBS Research

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KUALA LUMPUR (Aug 16): AllianceDBS Research said UEM Edgenta Bhd (Edgenta) had on Aug 15 tested previous day’s high of RM2.64 before closing at the day’s low of RM2.54 (down 1 sen or 0.39%).

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

“Following the down close on Aug 15, the stock is likely to move lower with immediate support at RM2.48.

“A fall below RM2.48 would put pressure on the stock down to the subsequent support zone, RM2.30 – RM2.35.

“The hurdle is pegged at RM2.70. A crossover of RM2.70 should see further price rise to the next overhead resistance at RM2.90,” it said.

AllianceDBS Research said stock volume traded on Aug 15 was 310,000 shares compared to the 3-month average volume of 290,000 shares.

The research house said that indicators wise, the MACD was marginally 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.