Immediate support for Sycal at 36.5 sen, says AllianceDBS Research

-A +A

KUALA LUMPUR (April 7): AllianceDBS Research said the immediate support for Sycal Ventures Bhd (Sycal) was at 36.5 sen and that Sycal had on April 6 tested previous day’s high of 38.5 sen before closing unchanged at 38 sen.

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

“Given the recent share price behaviour, the stock is likely to move between 36.5 sen and 39 sen in the coming few days.

“A crossover of 39 sen should see further price rise to the next overhead resistance at 41.5 sen.

“However, a fall below 36.5 sen would put pressure on the stock down to the subsequent support at 35 sen,”it said.

AllianceDBS Research said stock volume traded on April 6 was 1.62 million shares compared to the 3-month average volume of 1.35 million shares.

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

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