KUALA LUMPUR (July 8): AllianceDBS Research said the immediate hurdle for Comintel Corporation Bhd (Comcorp) was at 86 sen and that Comcorp had on July 5 traded higher to 80 sen before closing at 78.5 sen (up 1.5 sen or 1.94%).

In its evening edition Tuesday, the research house said Comcorp continued to swing around the 20-day MA line in the last 4 days.

“Given the recent price action, the stock is likely to move between 72 sen and 86 sen in the coming few days.

“A crossover of 86 sen should see further price rise to the next overhead resistance, 91 sen – 99 sen.

“However, a fall below 74 sen would put pressure on the stock down to the subsequent support zone, 65 sen – 68.5 sen,” it said.

AllianceDBS Research said stock volume traded on July 5 was 3.37 million shares compared to the 3-month average volume of 6.30 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.