KUALA LUMPUR (April 20): AllianceDBS Research said the immediate support for Puncak Niaga Holdings Bhd (Puncak) was seen at RM1.25 and that Puncak had on April 19 traded marginally lower to settle at the day’s low of RM1.30 (down 4 sen or 2.98%).

In its evening edition yesterday, the research house said Puncak fell below the 20-day moving average line to go between 20-day and 50-day MA lines on April 19.

“Following the down close on April 19, the stock is likely to move lower again with immediate support seen at RM1.25.

“A fall below RM1.25 should see further price decline to the subsequent support at RM1.20.

“The hurdle is pegged at RM1.48. A rise above RM1.48 would lift the stock to the next resistance at RM1.60,” it said.

AllianceDBS Research said stock volume traded on April 19 was 1.44 million shares compared to the 3-month average volume of 1.90 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.