Friday 29 Mar 2024
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KUALA LUMPUR (April 29): AllianceDBS Research said Tomypak Holdings Bhd (Tomypak) had on April 26 traded within previous day’s range to form an inside day bar before closing off the day’s low of 55.5 sen (down 0.5 sen or 0.89%).

In its evening edition last Friday, the research house said Tomypak continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

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

“Following the down close on April 26, the stock is likely to move lower with immediate support at 54.5 sen. A fall below 54.5 sen should see further price decline to the subsequent support zone, 50 sen – 52 sen.

“The hurdle is pegged at 57.5 sen. A rise above 57.5 sen would see the stock gearing towards the next resistance zone, 60 sen – 62 sen,” it said.

AllianceDBS Research said stock volume traded on April 26 was 1.19 million shares compared to the 3-month average volume of 570,000 shares.

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