Berjaya Corp trending sideways, says AllianceDBS Research
KUALA LUMPUR (Jan 12): AllianceDBS Research said Berjaya Corporation Bhd (BJCorp) had on Jan 11 tested previous day’s low of 35 sen before closing at 36 sen (up 1 sen or 2.85%).
In its stock trend monitor yesterday, the research house said BJCorp continued to fluctuate around the 20-day (blue) and 50-day (red) moving average lines in the last 4 days.
“Given the recent share price behaviour, the stock is likely to move between 34.5 sen and 37.5 sen in the coming few days.
“A crossover of 37.5 sen should see further price rise to the next overhead resistance at 39 sen.
“However, a fall below 34.5 sen would put pressure on the stock down to the subsequent support zone, 33 sen – 33.5 sen,” it said.
AllianceDBS Research said stock volume traded on Jan 11 was 14.6 million shares compared to the 3-month average volume of 22.1 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 a neutral zone.
Source: The Edge Market