KUALA LUMPUR (April 4): AllianceDBS Research said GFM Services Bhd (GFM) had on April 3 traded lower to 48.5 sen before closing near the day’s low at 49 sen (up 0.5 sen or 1.03%).

In its evening edition yesterday, the research house said GFM continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“Following the near day’s low up close on April 3, the stock is likely to move lower again with immediate support at 48 sen.

“A fall below 48 sen should see further price decline to the subsequent support zone, 40 sen – 43 sen.

“The hurdle is pegged at 52 sen. A rise above 52 sen would lift the stock to the next resistance zone, 54 sen – 56 sen,” it said.

AllianceDBS Research said stock volume traded on April 3 was 170,000 shares compared to the 3-month average volume of 1.06 million shares.