KUALA LUMPUR (Sept 11): AllianceDBS Research said Ahmad Zaki Resources Bhd (AZRB) had on Sept 8 traded higher to RM1.19 before closing at the day’s low of RM1.16 (down 1 sen or 0.85%).

In its evening edition last Friday, the research house said AZRB continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 6 days.

“Following the down close on Sept 8, the stock is likely to move between RM1.10 and RM1.20 in the coming few days.

“A crossover of RM1.20 should see further price rise to the next overhead resistance at RM1.30.

“However, a fall below RM1.10 would put pressure on the stock down to the subsequent support at RM1.05,” it said.

AllianceDBS Research said stock volume traded on Sept 8 was 510,000 shares compared to the 3-month average volume of 570,000 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 a neutral zone.