KUALA LUMPUR (Sept 24): AllianceDBS Research said Ideal United Bintang International Bhd (Ideal) had on Sept 21 traded within previous day’s range to form an inside day bar before closing near the day’s low at RM1.71 (down 2 sen or 1.15%).

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

“The inside day bar indicated a breather in the game play.

“Following the down close on Sept 21, the stock is likely to move lower with immediate support at RM1.69.

“A fall below RM1.69 should see further price decline to the subsequent support at RM1.65.

“The hurdle is pegged at RM1.86. A rise above RM1.86 would lift the stock to the next resistance zone, RM2.00 – RM2.10,” it said.

AllianceDBS Research said stock volume traded on Sept 21 was 350,000 shares compared to the 3-month average volume of 370,000 shares.