KUALA LUMPUR (March 18): AllianceDBS Research said the immediate hurdle for Kim Teck Cheong Consolidated Bhd (KTC) was at 40 sen and that KTC had on March 17 traded higher to RM0.38 before closing near the day’s high at 37.5 sen (up 3.5 sen or 10.29%).

In its evening edition yesterday, the research house KTC crossed over the 20-day MA line on March 17 to stay between the 20-day and 50-day moving average lines.

“Following the up close on March 17, the stock is likely to move higher again with immediate hurdle seen at 40 sen.

“A crossover of 40 sen should see further price rise to the next overhead resistance at 42 sen.

“The support is pegged at 35 sen. A fall below 35 sen would put pressure on the stock down to the subsequent support at 33.5 sen,” it said.

AllianceDBS Research said that stock volume traded on March 17 was 19.2 million shares compared to the 3-month average volume of 15.2 million shares.

The research house said that indicators wise,the MACD was marginally 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 an overbought zone.