KUALA LUMPUR (Dec 12): AllianceDBS Research said Malaysian Resources Corporation Bhd (MRCB) had on Dec 11 traded lower to settle at the day’s low of RM1.04 (down 2 sen or 1.88%).

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

“Following the down close on Dec 11, the stock is likely to move lower again with immediate support at RM1.03.

“A fall below RM1.03 should see further price decline to the subsequent support zone, 98.5 sen– RM1.01.

“The hurdle is pegged at RM1.07. A rise above RM1.07 would lift the stock to the next resistance zone, RM1.10 – RM1.15,” it said.

AllianceDBS Research said stock volume traded on Dec 11 was 2.77 million shares compared to the 3-month average volume of 12.3 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 a neutral zone.