KUALA LUMPUR (Apr 29): Shares of Pesona Metro Holdings Bhd fell in active trade today.
At 10.13am, Pesona had fallen some 9.58% or 8 sen to 75.5 sen.
AllianceDBS Research in its evening edition yesterday said that Pesona (fundamental: 1.80; valuation: 0.50) had on April 28 traded lower to 82.5 sen before closing near the day’s low at 83.5 sen (down 8.5 sen or 9.23%).
The research house said Pesona fell below the 20-day and 50-day moving average lines on April 28 after spending 7 days above the same 2 MA lines.
It said that following the weak down close on April 28, the stock was likely to move lower again with immediate support at 80 sen.
“A fall below 80 sen would put pressure on the stock down to the subsequent support zone, 71 sen–77 sen.
“The hurdle is at 88 sen. A crossover of 88 sen should see a further price rise to the next overhead resistance at 95.5 sen.
“Stock volume traded on April 28 was 21.4 million shares compared to the 3-month average volume of 6.03 million shares,” it said.
The research house said that indicator wise, the MACD was still above the 9-day moving average line.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)