KUB gapped up, says AllianceDBS Research

KUB gapped up, says AllianceDBS Research
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KUALA LUMPUR (June 29): AllianceDBS Research said KUB Malaysia Bhd (KUB) had on June 26 gapped up to reach a high of 45.5 sen before closing at 41.5 sen (up 2.5 sen or 6.44%).

In its evening edition June 26, the research house said KUB continued to trade above 20-day (blue) and 50-day (red) moving average lines.

It said the upside gap indicated the urgency to establish stock position.

It said following the up close on June 26, the stock is likely to move higher with immediate hurdle at 46 sen.

“A crossover of 46 sen should see further price rise to the next overhead resistance zone, 50 sen – 53 sen.

“The support is pegged at 38 sen. A fall below 38 sen would put pressure on the stock down to the subsequent support zone, 34.5 sen – 35.5 sen,” it said.

AllianceDBS Research said stock volume traded on June 26 was 52.3 million shares compared to the 3-month average volume of 7.95 million shares.