KUALA LUMPUR (April 10): AllianceDBS Research said Fajarbaru Builder Group Bhd (Fajar) had on April 7 crossed over the 79 sen hurdle to reach an intraday high of 81 sen before closing near the day’s low at 77.5 sen (down 1 sen or 1.27%).

In its evening edition last Friday, the research house said Fajar continued to trade above the 20-day and 50-day moving average lines.

“Following the down close on April 7, the stock is likely to move lower with immediate support at 75 sen.

“A fall below 75 sen should see further price decline to the subsequent support zone, 71 sen – 73 sen.

“The hurdle is still pegged at 79 sen. A rise above 79 sen again would lift the stock to the next resistance zone, 86 sen – 88 sen,” it said.

AllianceDBS Research said stock volume traded on April 7 was 7.05 million shares compared to the 3-month average volume of 2.47 million shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.