KUALA LUMPUR (May 30): AllianceDBS Research said Brahim’s Holdings Bhd (Brahims) had on May 27 gapped down to a low of 97.5 sen before closing at 98 sen (down 4 sen or 3.92%).

In its evening edition last Friday, the research house said Brahims continued to stay above the 20-day and 50-day moving average lines.

“The downside gap indicated the urgency to unload stock position.

“Following the down close on May 27, the stock is likely to move lower again with immediate support seen at 97 sen.

“A fall below 97 sen should see further price decline to the subsequent support at 94 sen.

“The hurdle is pegged at RM1.03. A rise above RM1.03 would lift the stock to the next resistance zone, RM1.07 – RM1.10,” it said.

AllianceDBS Research said stock volume traded on May 27 was 400,00 shares compared to the 3-month average volume of 470,000 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 oversold zone.