TSR Capital gapped up, says AllianceDBS Research

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KUALA LUMPUR (March 17): AllianceDBS Research said TSR Capital Bhd (TSR Cap) gapped up and that TSR Cap had on March 16 gapped up to cross over the 56 sen.

It said the stock subsequently reached a high of 59 sen before closing at 57 sen (up 4 sen or 7.54%).

In its evening edition yesterday, the research house said TSR Cap continued to trade above the 20-day and 50-day moving average lines in the last 2 days after spending 4 days below the same 2 MA lines.

“The upside gap indicated the urgency to establish stock position.

“Following the up close on March 16, the stock is expected to move higher again with immediate hurdle at 60 sen.

“A crossover of 60 sen should see further price rise to the next overhead resistance at 68 sen.

“The support is pegged at 56 sen. A fall below 56 sen would put pressure on the stock down to the subsequent support zone, 52 sen – 54 sen,” it said.

AllianceDBS Research said stock volume traded on March 16 was 1.71 million shares compared to the 3-month average volume of 220,000 shares.

The research house said that indicators wise, the MACD 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 an overbought zone.