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KUALA LUMPUR (Jan 24): UEM Sunrise Bhd (UEMS) shares rose 4.17% in active trade this morning, following a positive technical outlook on the stock.
At 9.22am, UEMS rose 5 sen to RM1.25 with 4.45 million shares traded.
AllianceDBS Research said UEM Sunrise Bhd (UEMS) had on Jan 23 traded marginally higher to RM1.21 before closing near the day’s high at RM1.20 (up 2 sen or 1.69%).
In its stock trend monitor yesterday, the research house said UEMS continued to trade above the 20-day (blue) and 50-day (red) moving average lines.
“Following the up close on Jan 23, the stock is likely to move higher again with immediate hurdle at RM1.21.
“A crossover of RM1.21 should see further price rise to the next overhead resistance at RM1.30.
“The support is pegged at RM1.12. A fall below RM1.12 would put pressure on the stock down to the subsequent support zone, RM1.08 – RM1.10,” it said.
AllianceDBS Research said stock volume traded on Jan 23 was 3.94 million shares compared to the 3-month average volume of 3.31 million shares.
The research house said that indicators wise, the MACD line 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. — theedgemarkets.com
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