KUALA LUMPUR (May 4): AllianceDBS Research said the immediate support for Felda Global Ventures Holdings Bhd (FGV) was at RM1.43 and that FGV had on May 3 tested last Friday’s high of RM1.47 before closing at RM1.46 (up 1 sen or 0.69%).

In its evening edition yesterday, the research house said FGV continued to trade below the 20-day and 50-day moving average lines in the last 7 days.

“Following the up close on May 3, the stock is likely to move between RM1.43 and RM1.51 in the coming few days.

“A fall below RM1.43 should see further price decline to the subsequent support zone, RM1.28 – RM1.34.

“However, a rise above RM1.51 would lift the stock to the next resistance at RM1.55,” it said.

AllianceDBS Research said stock volume traded on May 3 was 4.06 million shares compared to the 3-month average volume of 5.50 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.