KUALA LUMPUR (May 6): AllianceDBS Research said Sumatec Resources Bhd was trading range bound and that Sumatec had on May 5 tested previous day’s high of 12 sen before closing at the day’s high of 12 sen (up half a sen or 4.34%).
In its evening edition yesterday, the research house said Sumatec continued to fluctuate around the 20-day and 50-day moving average lines in the last 8 day.
“Given the recent share price movement, the stock is likely to move between 11 sen and 12 sen in the coming few days.
“A crossover of 12 sen should see further price rise to the next overhead resistance zone, 13 sen – 13.5 sen.
“However, a fall below 11 sen would put pressure on the stock down to the subsequent support at 10.5 sen,” it said.
AllianceDBS Research said stock volume traded on May 5 was 6.46 million shares compared to the 3-month average volume of 14.4 million shares.
The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.
It said the relative strength index indicated that the stock was currently in a neutral zone
SUMATEC (1201) - Sumatec trading range bound, says AllianceDBS Research
http://www.theedgemarkets.com/my/article/sumatec-trading-range-bound-says-alliancedbs-research
