KUALA LUMPUR (Jan 3): AllianceDBS Research said UMW Holdings Bhd (UMW) had on Jan 2 traded within previous day’s range to form an inside day bar before closing at RM5.09 (down 11 sen or 2.11%).

In its evening edition yesterday, the research house said UMW continued to fluctuate around the 20-day (blue) MA line but remained below the 50-day (red) moving average line.

“The inside day bar indicated a breather in the game play.

“Given the recent share price behaviour, the stock is likely to move between RM4.90 and RM5.20 in the coming few days.

“A crossover of RM5.20 should see further price rise to the next overhead resistance at RM5.40.

“However, a fall below RM4.90 would put pressure on the stock down to the subsequent support at RM4.70,” it said.

AllianceDBS Research said stock volume traded on Jan 2 was 30,000 shares compared to the 3-month average volume of 280,000 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.