Immediate support for Sanbumi at 36 sen, says AllianceDBS Research

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KUALA LUMPUR (April 4): AllianceDBS Research said Sanbumi Holdings Bhd had on April 3 traded higher to 38 sen before closing near the day’s high at 37.5 sen (up 0.5 sen or 1.35%).

In its evening edition yesterday, the research house said Sanbumi continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 2 days.

It said following the up close on April 3, the stock is likely to move higher with immediate hurdle at 38 sen.

“A rise above 38 sen would see the stock gearing towards the next resistance zone, 41 sen – 42 sen.

“The support is pegged at 36 sen. A fall below 36 sen should see further price decline to the subsequent support zone, 32 sen – 33 sen” it said.

AllianceDBS Research said stock volume traded on 3 April 2019 was 17.1 m shares compared to the 3-month average volume of 2.86 m shares.