KUALA LUMPUR (Jan 23): AllianceDBS Research said 7-Eleven Malaysia Holdings Bhd (SEM) had on Jan 22 traded higher to RM1.58 before closing at RM1.56 (up 1 sen or 0.64%).

In its stock trend monitor yesterday, the research house said SEM continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Given the recent share price behaviour, the stock is likely to move between RM1.50 and RM1.60 in the coming few days.

“A crossover of RM1.60 should see further price rise to the next overhead resistance at RM1.64.

“However, a fall below RM1.50 would put pressure on the stock down to the subsequent support at RM1.44,” it said.

AllianceDBS Research said stock volume traded on Jan 22 was 190,000 shares compared to the 3-month average volume of 280,000 shares.

The research house said that indicators wise, the MACD line was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.