KUALA LUMPUR (May 24): AllianceDBS Research said renewed buying interest had emerged in Hwa Tai Industries Bhd (Hwatai) and that Hwatai had on May 23 traded higher to settle at the day’s high of 53 sen (up 5.5 sen or 11.57%).
In its evening edition Monday, the research house said Hwatai continued to trade above the 20-day and 50-day moving average lines.
“Following the up close on May 23, the stock is likely to move higher again with immediate hurdle seen at 54 sen.
“A crossover of 54 sen should see further price rise to the next overhead resistance zone, 58 sen – 60 sen.
“The support is pegged at 47 sen. A fall below 47 sen would put pressure on the stock down to the subsequent support zone, 45 sen – 46 sen,” it said.
AllianceDBS Research said stock volume traded on May 23 was 880,000 shares compared to the 3-month average volume of 160,000 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.
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