Thursday 28 Mar 2024
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KUALA LUMPUR (June 15): AllianceDBS Research said Mudajaya Group Bhd was currently in the oversold zone and said that Mudajaya continued to stay below the 20-day and 50-day moving average lines.

In its evening edition last Friday, the research house said given the share price actions since March 3, the stock was expected to move between RM1.34 and RM1.45 in the coming few days.

“A crossover of RM1.45 should see further price rise to the next overhead at RM1.50.

“However, a fall below RM1.34 would put pressure on the stock down to the subsequent support zone, RM1.20 – RM1.25.

“Stock volume traded on June 12 was 40,000 shares compared to the 3-month average volume of 27,000 shares,” it said.

AllianceDBS Research said that indicators wise:

(1) MACD was below the 9-day moving average line with the sell signal remains intact.

(2) Relative Strength Index indicates that the stock is currently in the oversold zone.

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