KUALA LUMPUR (March 9): AllianceDBS Research said the immediate hurdle for Reach Energy Bhd (Reach) was at 67 sen and that Reach had on March 8 tested previous day’s low of 65.5 sen  before closing at the day’s high of 66.5 sen (up half a sen or 0.75%).

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

“Following the up close on March 8, the stock is likely to move between 65 sen and 67 sen in the coming few days.

“A crossover of 67 sen should see further price rise to the next overhead resistance at 70 sen.

“However, a fall below 65 sen would put pressure on the stock down to the subsequent support zone at 64 sen,” it said.

AllianceDBS Research said stock volume traded on March 8 was 4.74 million shares compared to the 3-month average volume of 910,000 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 an overbought zone.