MyE.G.’s immediate support at RM2.43, says AllianceDBS Research

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KUALA LUMPUR (May 12): AllianceDBS Research said My E.G. Services Bhd’s immediate support is at RM2.43, and said My E.G. had on May 11 traded lower to RM2.50 before closing near the day’s low at RM2.52 (down 8 sen or 3.07%).

In its evening edition yesterday, the research house said My E.G, continued to fluctuate around the 20-day in the last 5 days after spending 16 days below the 20-day & 50-day MA lines.

AllianceDBS Research said given the weak down close, the stock was likely to move lower again with immediate support at RM2.43.

“A fall below RM2.43 would put pressure on the stock down to the subsequent support at RM2.25 and RM2.70.

“The overhead resistance is at RM2.70. A crossover of RM2.70 should see further price rise to the next overhead resistance zone, RM2.80 – RM2.90,” it said.

The research house said stock volume traded on May 11 was 7 million shares compared to the 3- month average volume of 6.41 million shares.

Indicator wise, the MACD is marginally above the 9-day moving average line, said the research house.