KUALA LUMPUR (Nov 2): AllianceDBS Research said Ekovest Bhd (Ekovest) had on Nov 1 gapped down to a low of 91 sen before closing off the day’s low at 95 sen (down 21 sen or  18.1%).

The research house in its evening edition yesterday said Ekovest fell below the 20-day (blue) and 50-day (red) moving average lines on Nov 1.

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

“Following the down close on Nov 1, the stock is likely to move lower again with immediate support at 90 sen.

“A fall below 90 sen should see further price decline to the subsequent support at 80 sen.

“The hurdle is pegged at RM1.00. A rise above RM1.00 would lift the stock to the next resistance zone, RM1.05 – RM1.10,” it said.  

AllianceDBS Research said stock volume traded on Nov 1 was 366.4 million shares compared to the 3-month average volume of 3.85 million shares.

The research house said 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 an oversold zone.