Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 26): AllianceDBS Research said the immediate hurdle for UEM Sunrise Bhd (UEMS) was at RM1.31 and that UEMS had on Oct 23 traded marginally higher to RM1.31 before closing unchanged at RM1.27.

In its evening edition last Friday, the research house said UEMS continued to trade above the 20-day and 50-day moving average lines.

“Following the unchanged settlement on Oct 23, the stock is likely to test move between RM1.23 and RM1.31 in the coming few days.

“A crossover of RM1.31 should see further price rise to the next overhead resistance zone, RM1.40 – RM1.60.

“However, a fall below RM1.23 would put pressure on the stock down to the subsequent support at RM1.16 – RM1.20,” it said.

AllianceDBS Research said stock volume traded on Oct 23 was 28.7 million shares compared to the 3-month average volume of 16.8 million shares.

The research house said indicators wise, the MACD was marginally above the 9-day moving average line with the buy signal just being emitted.

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

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