KUALA LUMPUR (April 24): AllianceDBS Research said Iskandar Waterfront City Bhd (IWCity) had on April 23 traded lower to RM1.09 before closing off the day’s low at RM1.18 (down 14 sen or 10.60%).

In its evening edition April 23, the research house said IWCity continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

It said following the off day’s low down close on April 23, the stock is likely to move higher with immediate hurdle at RM1.28.

“A crossover of RM1.28 should see further price rise to the next overhead resistance at RM1.32.

“The support is pegged at RM1.09. A fall below RM1.09 would put pressure on the stock down to the subsequent support zone, 92 sen – RM1.03.

“Stock volume traded on April 23 was 184.6 million shares compared to the 3-month average volume of 25.7 million shares,” it said.