Press Metal taking a breather, says AllianceDBS Research

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KUALA LUMPUR (May 25): AllianceDBS Research said Press Metal Bhd (PMetal) was taking a breather and that the stock had on May 22 traded within previous day’s range to form an inside day bar before closing at RM2.72 (up 3 sen or 1.11%).

In its evening edition last Friday, the research house said PMetal continued to trade below the 20-day and 50-day moving average lines.

It said the inside day bar indicated a breather in the game play.

“Following the up close on May 22, the stock is expected to move between RM2.80 and RM2.55 in the coming few days.

“A crossover of RM2.80 should see further price rise to the next overhead resistance zone, RM2.90 – RM3.00.

“However, a fall below RM2.55 would put pressure on the stock down to the subsequent support zone, RM2.30 – RM2.40,” it said.

AllianceDBS Research said stock volume traded on May 22 was 3.60 million shares compared to the 3-month average volume of 2.64 million shares.

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