KUALA LUMPUR (Sept 10): AllianceDBS Research the buying volume for GD Express Carrier Bhd (Gdex) was still seen and that Gdex had on Sept 9 traded higher to RM1.09 before closing near the day’s high at RM1.07 (up 4 sen or 3.88%).

In its evening edition yesterday, the research house said Gdex continued to trade between the 20-day and 50-day moving average lines in the last 2 days after spending 27 days below the same 2 MA lines.

“Following the up close on Sept 9, the stock is likely to test higher level again with immediate hurdle at RM1.12.

“A crossover of RM1.12 should see further price rise to the next overhead resistance at RM1.20.

“The support is pegged at 99 sen. A fall below 99 sen would put pressure on the stock down to the subsequent support zone, 88 sen – 92 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 9 was 2.57 million shares compared to the 3-month average volume of 610,000 shares.

The research house said that indicators wise, the MACD 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 the overbought zone.