Thursday 28 Mar 2024
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KUALA LUMPUR (July 30): AllianceDBS Research said Abric Bhd (Abric) was ready to trade higher and said Abric had on July 29 crossed over the 59 sen hurdle to reach a high of 60 sen before closing near the day’s high at 59.5 sen (up 3.5 sen or 6.25%).

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

“Following the up close on July 29, the stock is likely to test higher level again with immediate hurdle seen at 62 sen.

“A crossover of 62 sen should see further price rise to the next overhead resistance zone, 66 sen – 70 sen.

“The support is at 57.5 sen. A fall below 57.5 sen would put pressure on the stock down to the subsequent support zone, 54 sen – 56 sen,” it said.

AllianceDBS Research said stock volume traded on July 29 was 4.01 million shares compared to the 3-month average volume of 800,000 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 the neutral zone.

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