Cypark in a position to test higher level, says AllianceDBS Research

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KUALA LUMPUR (May 8): AllianceDBS Research said Cypark Resources Bhd was in a position to test higher level and said Cypark had on May 7 traded higher to settle at the day’s high of RM1.95 (up 5 sen or 2.63%).

In ite evening edition yesterday, AllianceDBS Research said Cypark continued to trade above the 20-day and 50-day moving average lines in the last 3 days.

The research house said following the up close on 7 May 2015, the stock is expected to test higher level again with immediate hurdle seen at RM1.96.

“A crossover of RM1.96 should see further price rise to the next overhead resistance at RM2.10. The support is at RM1.87.

“A fall below RM1.87 would put pressure on the stock down to the subsequent support zone, RM1.80 – RM1.82,” it said.

AllianceDBS Research said the stock volume traded on May 7 was 500,000 shares compared to the 3-month average volume of 40,000 shares.

Indicator wise, the MACD is marginally above the 9-day moving average line, said the research house.