KUALA LUMPUR (May 15): AllianceDBS Research said Sapura Energy Bhd (Sapnrg) had on May 14 gapped up to reach the highest high of 91 sen since Jan 16 before closing off the day’s high at 84.5 sen (up 17.5 sen or 26.1%).

In its evening edition yesterday, the research house said Sapnrg crossed above the 50-day (red) moving average line on May 14 after spending 3 days between the 20-day (blue) and 50-day MA lines.

“The upside gap indicated the urgency to establish stock position.

“Following the up close on May 14, the stock is expected to move higher again with immediate hurdle at 92.5 sen.

“A crossover of 92.5 sen should see further price rise to the next overhead at 97.5 sen.

“The support is pegged at 80 sen. A fall below 80 sen would put pressure on the stock down to the subsequent support at 72 sen,” it said.

AllianceDBS Research said stock volume traded on May 14 was 650 million shares compared to the 3-month average volume of 138.1 million shares.