Immediate support for Unisem at RM1.55, says AllianceDBS Research

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KUALA LUMPUR (Aug 13): AllianceDBS Research said the immediate support for Unisem (M) Bhd was at RM1.55 and that Unisem had on August 12 traded lower to reach the lowest low of RM1.57 since Nov 17, 2014 before rebounding to close near the day’s high at RM1.71 (down 2 sen or 1.15%).

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

“Following the down close on August 12, the stock is likely to test lower levels again with an immediate support at RM1.55.

“A fall below RM1.55 should see a further price decline to the subsequent support zone, RM1.25 – RM1.35.

“The hurdle is at RM1.75. A rise above RM1.75 would lift the stock to the next resistance at RM1.85,” it said.

AllianceDBS Research said stock volume traded on August 12 was 29.6 million shares compared to the 3-month average volume of 4.06 million 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 indicates that the stock was currently in the oversold zone.