Plenitude’s immediate hurdle at RM2.23, says AllianceDBS Research

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KUALA LUMPUR (May 27): AllianceDBS Research said Plenitude Bhd’s immediate hurdle was at RM2.23 and that Plenitude had on May 26 traded marginally lower to RM2.13 before closing unchanged at RM2.14.

In its evening edition yesterday, AllianceDBS Research said Plenitude continued to trade below the 20-day and 50-day moving average lines.

“Following the unchanged settlement on May 26, the stock is likely to move between RM2.23 and RM2.13 in the coming few days.

“A crossover of RM2.23 should see a further price rise to the next overhead resistance at RM2.30. However, a fall below RM2.13 would put pressure on the stock down to the subsequent support at RM2.00,” it said.

The research house said that stock volume traded on May 26 was 50,000 shares compared to the 3-month average volume of 40,000 shares.

It said that indicator wise, the MACD was below the 9-day moving average line.