KUALA LUMPUR (Nov 30): AllianceDBS Research said Chin Well Holdings Bhd was under selling pressuer and that Chin Well had on Nov 27 traded higher to RM1.76 before closing near the day’s low at RM1.63 (down 6 senor 3.55%).

In its evening edition last Friday, the research house said Chin Well continued to stay above the 20-day and 50-day moving average lines since Nov 3.

“Following the weak down close on Nov 27, the stock is expected to move lower with immediate support at RM1.60.

“A fall below RM1.60 should see further price decline to the subsequent support at RM1.50.

“The hurdle is pegged at RM1.76. A rise above RM1.76 would lift the stock to the next resistance zone, RM1.80 – RM1.85,” it said.

AllianceDBS Research said stock volume traded on Nov 27 was 2.87 million shares compared to the 3-month average volume of 350,000 shares.

The research said that indicators wise, the MACD was still 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 the neutral zone.