KUALA LUMPUR (Jan 7): AllianceDBS Research said Omesti Bhd was ready to test higher level and that Omesti had on Jan 6 crossed over the 53.5 sen hurdle to reach a high of 54.5 sen before closing at 53.5 sen (up 2.5 sen or 4.90%).

In its evening edition yesterday, the research house said Omesti crossed over the 50-day MA line after spending 8 days between the 20-day and 50-day moving average lines.

“Given the recent share price action, the stock is likely to move between 49 sen and 55 sen in the coming few days.

“A crossover of 55 sen should see further price rise to the next overhead resistance at 59 sen.

“However, a fall below 49 sen would put pressure on the stock down to the subsequent support zone, 45.5 sen – 48 sen,” it said.

AllianceDBS Research said stock volume traded on Jan 6 was 540,000 shares compared to the 3-month average volume of 90,000 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 the neutral zone.