KUALA LUMPUR (Nov 10): AllianceDBS Research said Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) had on Nov 9 tested previous day’s low of 85 sen before closing at the day’s high of 92 sen (up 6 sen or 6.97%).

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

“Following the up close on Nov 9, the stock is likely to move higher with immediate hurdle at 93 sen.

“A crossover of 93 sen should see further price rise to the next overhead resistance zone, 95 sen – RM1.00.

“The support is pegged at 85 sen. A fall below 85 sen would put pressure on the stock down to the subsequent support zone, 80 sen – 83 sen,” it said.

AllianceDBS Research said stock volume traded on Nov 9 was 3.02 million shares compared to the 3-month average volume of 1.33 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.