KUALA LUMPUR (June 5): AllianceDBS Research said My E.G. Services Bhd (Myeg) had on June 4 gapped down to a low of RM0.655 before closing off the day’s low at 68.5 sen (down 17.5 sen or 20.3%).
In its evening edition yesterday, the research house said Myeg continued to trade below the 20-day (blue) and 50-day (red) moving average lines.
“The downside gap indicated the urgency to unload stock position.
“Following the down close on June 4, the stock is expected to move lower again with immediate support at 64.5 sen.
“A fall below 64.5 sen should see further price decline to the subsequent support zone, 55 sen – 60 sen.
“The hurdle is pegged at 73.5 sen. A rise above 73.5 sen would lift the stock to the next resistance at 81 sen,” it said.
AllianceDBS Research said stock volume traded on June 4 was 219.3 million shares compared to the 3-month average volume of 47.5 million shares.