Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 13): Shares in MQ Technology Bhd (MQTech) fell 14.29% this morning on weaker technical outlook for stock.

At 9.13am, MQTech fell 0.5 sen to 3 sen with 2.26 million shares traded.

AllianceDBS Research said MQTech had on May 10 traded lower to 3 sen before closing at 3.5 sen (down 0.5 sen or 12.5%).

In its evening edition May 10, the research house said MQTech fell below 20-day (blue) MA line on May 10 to stay between the 20-day and 50-day (red) moving average lines.

It said given the recent share price behaviour, the stock is likely to move between 3 sen and 4.5 sen in the coming few days.

It said a fall below 3 sen should see further price decline to the subsequent support at 2.5 sen.

“However, a rise above 4.5 sen would see the stock gearing towards the next resistance zone, 5 sen – 6 sen,” it said.

AllianceDBS Research said stock volume traded on May 10 was 79.1 million shares compared to the 3-month average volume of 3.45 million shares.

      Print
      Text Size
      Share