KUALA LUMPUR (Dec 13): AllianceDBS Research said LBS Bina Group Bhd (LBS) had on Dec 12 tested previous day’s low of RM2.35 before closing unchanged at RM2.37.

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

“Given the recent share price behaviour, the stock is likely to move between RM2.29 and RM2.39 in the coming few days.

“A crossover of RM2.39 should see further price rise to the next overhead resistance zone, RM2.50 – RM2.60.

“However, a fall below RM2.29 would put pressure on the stock down to the subsequent support zone, RM2.13 – RM2.18,” it said.

AllianceDBS Research said stock volume traded on Dec 12 was 1.43 million shares compared to the 3-month average volume of 1.38 million 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 an overbought zone.