KUALA LUMPUR (Dec 14): AllianceDBS Research said Fajarbaru Builder Group Bhd (Fajar) had on Dec 13 traded higher to 86 sen before closing near the day’s high at 85.5 sen (up 1 sen or 1.18%).

In its evening edtion yesterday, the research house said Fajar continued to stay below the 20-day (blue) and 50-day (red) moving average lines.

“Given the recent share price behaviour, the stock is likely to move between 82 sen and 86 sen in the coming few days.

“A crossover of 86 sen should see further price rise to the next overhead resistance zone, 89 sen – 91 sen.

“However, a fall below 82 sen would put pressure on the stock down to the subsequent support at 80 sen,” it said.

AllianceDBS Research said stock volume traded on Dec 13 was 550,000 shares compared to the 3-month average volume of 1.33 million shares.

The research house said that indicators wise, the MACD was marginally below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.