KUALA LUMPUR (June 29): AllianceDBS Research said renewed buying interest had emerged in Malaysian Bulk Carriers Bhd (Maybulk) and that Maybulk had on June 28 traded higher to 84 sen before closing near the day’s high at 83.5 sen (up 2.5 sen or 3.08%).

In its evening edition yesterday, the research house said Maybulk crossed over the 50-day MA line on June 28 after spending 9 days between the 20-day and 50-day moving average.

“Given the recent price action, the stock is likely to move between 78.5 sen and 85.5 sen in the coming few days.

“A crossover of 85.5 sen should see further price rise to the next overhead resistance zone, 95 sen – 99 sen.

“However, a fall below 78.5 sen would put pressure on the stock down to the subsequent support zone, 73.5 sen – 75.5 sen,” it said.

AllianceDBS Research said stock volume traded on June 28 was 4.56 million shares compared to the 3- month average volume of 8.75 million 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 a neutral zone.