Thursday 28 Mar 2024
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KUALA LUMPUR (March 28): AllianceDBS Research said the immediate support for CAB Cakaran Corporation Bhd (CAB) was seen at RM1.60 and that CAB had on March 25 traded within previous day’s range to form an inside day bar before closing at RM1.64 (up 1 sen or 0.61%).

In its evening edition last Friday, the research house said CAB continued to trade below the 20-day and 50-day moving average lines since March 7.

“The inside day bar indicated a breather in the game play.

“Given the recent share price behaviour, the stock is likely to move between RM1.60 and RM1.74 in the coming few days.

“A fall below RM1.60 should see further price decline to the subsequent support zone, RM1.54 - RM1.57.

“However, a rise above RM1.74 would lift the stock to the next resistance zone, RM1.83 – RM1.86,” it said.

AllianceDBS Research said that stock volume traded on March 25 was 120,000 shares compared to the 3-month average volume of 920,000 shares.

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

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

 

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