Inari under selling pressure, says AllianceDBS Research

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KUALA LUMPUR (April 27): AllianceDBS Research said Inari Amertron Bhd (Inari) was under selling pressure and that Inari had on April 26 traded lower to RM2.77 before closing near the day’s low at RM2.78 (down 8 sen or 2.79%).

In its evening edition yesterday, the research house said Inari continued to trade below the 20-day and 50-day moving average lines.

“Following the down close on April 26, the stock is likely to move lower again with immediate support seen at RM2.75.

“A fall below RM2.75 should see further decline to the subsequent support zone, RM2.55 – RM2.60.

“The hurdle is pegged at RM2.90. A rise above RM2.90 would lift the stock to the next resistance at RM3.05,” it said.

AllianceDBS Research said stock volume traded on April 26 was 20.4 million shares compared to the 3-month average volume of 3.99 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 an oversold zone.