KUALA LUMPUR (July 24): AllianceDBS Research said Gabungan AQRS Bhd (Gbgaqrs) had on July 21 traded higher to RM1.46 before closing at RM1.42 (up 2 sen or 1.42%).

In its evening edition last Friday, the research house said Gbgaqrs continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on July 21, the stock is likely to move higher again with immediate hurdle at RM1.49.

“A crossover of RM1.49 should see further price rise to the next overhead resistance zone, RM1.58 – RM1.60. The support is pegged at RM1.39.

“A fall below RM1.39 would put pressure on the stock down to the subsequent support zone, RM1.31 – RM1.33,” it said.

AllianceDBS Research said stock volume traded on July 21 was 3.01 million shares compared to the 3-month average volume of 1.41 million 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 a neutral zone.