In its evening edition yesterday, the research house said that the stock subsequently settled at the day’s high of 72.5 sen (up 10 sen or 16.0%).
It said Maybulk continued to trade above the 20-day and 50-day MA lines in the last 3 days.
“The upside gap indicated the urgency to establish stock position.
“Following the up close on March 28, the stock is likely to move higher again with immediate hurdle seen at 75 sen.
“A crossover of 75 sen should see further price rise to the next overhead resistance, 83 sen – 87 sen.
“The support is pegged at 67 sen. A fall below 67 sen would put pressure on the stock down to the subsequent support zone, 62 sen- 64.5 sen,” it said.
AllianceDBS Research said stock volume traded on March 28 was 30.0 million shares compared to the 3-month average volume of 1.43 million 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.
MAYBULK (5077) - Maybulk gapped up, says AllianceDBS Research
http://www.theedgemarkets.com/my/article/maybulk-gapped-says-alliancedbs-research
