KUALA LUMPUR (March 29): AllianceDBS Research said the immediate support for EG Industries Bhd (EG) was at 83 sen and that EG had on March 28 traded marginally higher to 86.5 sen before closing at 85 sen (up half a sen or 0.59%).

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

“Given the recent share price behaviour, the stock is likely to move between 83 sen and 92 sen in the coming few days.

“A crossover of 92 sen should see further price rise to the next overhead resistance at 96 sen.

“However, a fall below 83 sen would put pressure on the stock down to the subsequent support zone, 72 sen – 74 sen,” it said.

AllianceDBS Research said that stock volume traded on March 28 was 1.41 million shares compared to the 3-month average volume of 5.05 million shares.

The research house said that indicators wise, the MACD was marginally 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.