Immediate support for Benalec at 55.5 sen, says AllianceDBS Research

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KUALA LUMPUR (June 17): AllianceDBS Research said the immediate support for Benalec Holdings Bhd was at 55.5 sen and said Benalec had on June 16 tested previous day’s low of 56 sen before closing unchanged at 56.5 sen.

In its evening edition, the research house said Benalec continued to trade below the 20-day and 50-day moving average lines.

“Following the unchanged settlement on June 16, the stock is likely to move between 55.5 sen and 58.5 sen in the coming few days.

“A crossover of 58.5 sen should see further price rise to the next overhead resistance at 61.5 sen.

“However, a fall below 55.5 sen would put pressure on the stock down to the subsequent support at 53 sen,” it said.

The research house said stock volume traded on June 16 was 880,000 shares compared to the 3-month average volume of 1.67 million shares.