Immediate support for Genting at RM8.70, says AllianceDBS Research

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KUALA LUMPUR (May 8): AllianceDBS Research said the immediate support for Genting Bhd was at RM8.70 and said the stock had on May 7 traded marginally higher to RM9.09 before closing at the day’s low of RM8.92 (down 16 sen or 1.76%).

In its evening edition yesterday, the research house said Genting continued to fluctuate around the 20-day and 50-day moving average lines in the last 16 days.

It said that given the recent share price actions, the stock was likely to move between RM8.70 and RM9.20 in the coming few days.

“A crossover of RM9.20 should see further price rise to the next overhead resistance at RM9.30.

“However, a fall below RM8.70 would put pressure on the stock down to the subsequent support at RM8.40,” it said.

AllianceDBS Research said stock volume traded on May 7 was 1.02 million shares compared to the 3-month average volume of 2.06 million shares.