KUALA LUMPUR (May 31): AllianceDBS Research said JHM Consolidation Bhd (JHM) was at at new high and that JHM had on May 30 gapped up to reach an all-time high of 72.5 sen before closing at 72 sen (up 7.5 sen or 11.62%).

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

“The upside gap indicated the urgency to establish stock position.

“Following the up close on May 30, the stock is likely to move higher again with immediate hurdle seen at 72.5 sen.

“A crossover of 72.5 sen should see further price rise to the next overhead resistance at 76.5 sen.

“The support is pegged at 65 sen. A fall below 65 sen would put pressure on the stock down to the subsequent support at 59 sen,” it said.

AllianceDBS Research said stock volume traded on May 30 was 8.65 million shares compared to the 3-month average volume of 1.21 million shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with a buy signal just being emitted.

It said the relative strength index indicated that the stock was currently in an overbought zone.