Green Packet buying volume expanded, says AllianceDBS

KUALA LUMPUR (June 18): AllianceDBS Research said Green Packet Bhd (GPacket) had on June 17 traded higher to 73.5 sen before closing at 71 sen (up 3 sen or 4.41%).

In its evening edition June 17, the research house said GPacket crossed above 50-day MA line on June 17 to stay between the 20-day (blue) & 50-day MA line (red) after spending 3 days below the same 2 MA lines.

It said following the up close on June 17, the stock is likely to move higher with immediate hurdle at 75.5 sen.

“A crossover of 75.5 sen should see further price rise to the next overhead resistance zone, 80 sen – 82 sen.

“The support is pegged at 64.5 sen. A fall below 64.5 sen would put pressure on the stock down to the subsequent support at 60 sen,” it said.

AllianceDBS Research said stock volume traded on June 17 was 177.4 million shares compared to the 3-month average volume of 299.4 million shares.

Source: TheEdgeMarkets