KUALA LUMPUR (Aug 21): AllianceDBS Research said GHL Systems Bhd (Ghlsys) had on Aug 18 traded within previous day’s range to form an inside day bar before closing at the day’s low at RM1.64 (down 5 sen or 2.95%).

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

It said following the down close on Aug 18, the stock is likely to move between RM1.64 and RM1.72 in the coming few days.

“A crossover of RM1.72 should see further price rise to the next overhead resistance zone, RM1.85 – RM2.00.

“However, a fall below RM1.64 would put pressure on the stock down to the subsequent support zone, RM1.59 – RM1.62,” it said.

AllianceDBS Research said stock volume traded on Aug 18 was 2.75 million shares compared to the 3-month average volume of 1.72 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.