Maxis in range bound trading, says AllianceDBS Research

Maxis in range bound trading, says AllianceDBS Research
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KUALA LUMPUR (Aug 19): AllianceDBS Research said Maxis Bhd was trading range bound and that Maxis had on August 18 tested previous day’s low of RM6.29 before rebounding to close near the day’s high at RM6.39 (up 4 sen or 0.63%).

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

“Given the recent share price actions, the stock is expected to move between RM6.25 and RM6.50 in the coming few days.

“A crossover of RM6.50 should see further price rise to the next overhead resistance at RM6.60.

“However, a fall below RM6.25 would put pressure on the stock down to the subsequent support at RM6.20,” it said.

AllianceDBS Research said stock volume traded on August 18 was 2.08 million shares compared to the 3-month average volume of 3.30 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 indicated that the stock was currently in the neutral zone.