KUALA LUMPUR (April 4): AllianceDBS Research said the immediate support for Econpile Holdings Bhd (EconBhd) was seen at RM1.16 and that EconBhd had on April 1 traded lower to RM1.18 before closing near the day’s low at RM1.19 (down 3 sen 2.45%).AllianceDBS Research in its evening edition last Friday said
EconBhd continued to trade above the 20-day and 50-day moving average lines.
“Following the down close on April 1, the stock is likely to move lower again with immediate support seen at RM1.16.
“A fall below RM1.16 should see further price decline to the subsequent support at RM1.11.
“The hurdle is pegged at RM1.25. A rise above RM1.25 again
would lift the stock to the next resistance zone, RM1.31 – RM1.35,” it said.
AllianceDBS Research said stock volume traded on April 1 was 730,000 shares compared to the 3-month average volume of 750,000 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 a neutral zone.
ECONBHD (5253) - Immediate support for Econpile seen at RM1.16, says AllianceDBS Research
http://www.theedgemarkets.com/my/article/immediate-support-econpile-seen-rm116-says-alliancedbs-research
