KUALA LUMPUR (Jan 19): AllianceDBS Research said Poly Glass Fibre (M) Bhd (Poly) had on Jan 18 traded within previous day’s range to form an inside day bar before closing near the day’s low at 52.5 sen (down 1.5 sen or 2.77%).

In its stock trend monitor yesterday, the research house said Poly continued to stay above the 20-day (blue) and 50-day (red) moving average lines.

“The inside day bar indicated a breather in the game play.

“Following the down close on Jan 18, the stock is likely to move lower with immediate support at 49.5 sen.

“A fall below 49.5 sen should see further price decline to the subsequent support zone, 45 sen – 46 sen.

“The hurdle is pegged at 56.5 sen. A rise above 56.5 sen would lift the stock to the next resistance zone, 62 sen – 68 sen,” it said.

AllianceDBS Research said stock volume traded on Jan 18 was 210,000 shares compared to the 3-month average volume of 380,000 shares.

The research house said that indicators wise, the MACD line was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.