KUALA LUMPUR (July 2): AllianceDBS Research said Icon Offshore Bhd (Icon) had on June 29 gapped up to cross over the 14 sen hurdle.

In its stock trend monitor last Friday, the research house said the stock subsequently reached an intraday high of 14.5 sen before closing off the day’s high at 13 sen (up 1.5 sen or 13.0%).

AllianceDBS Research said Icon crossed above the 20-day (blue) MA line on June 29 to go between the 20-day and 50-day (red) moving average lines.

“The upside gap indicated the urgency to establish stock position.

“Following the up close on June 29, the stock is likely to move higher again with immediate hurdle at 14 sen.

“A crossover of 14 sen again should see further price rise to the next overhead resistance at 16 sen.

“The support is pegged at 11 sen. A fall below 11 sen would put pressure on the stock down to the subsequent support zone, 9 sen – 10 sen,” it said.

AllianceDBS Research said stock volume traded on June 29 was 52.4 million shares compared to the 3-month average volume of 5.52 million shares.