KUALA LUMPUR (June 24): Shares of Destini Bhd rose in active trade this morning after AllianceDBS Research said there was renewed buying interest in Destini and that Destini had on June 23 tested previous day’s low of 63.5 sen before closing at the day’s high of 66 sen (up 1.5 sen or 2.32%).

At 9.05am, Destini rose 1.5 sen to 67.5 sen with 2.08 million shares done.

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

“Following the up close on June 23, the stock is likely to move between 62 sen and 68.5 sen in the coming few days.

“A crossover of 68.5 sen should see a further price rise to the next overhead resistance zone of 74 sen – 76 sen.

“However, a fall below 62 sen would put pressure on the stock down to the subsequent support zone of 58 sen – 59 sen,” it said.

The research house said that stock volume traded on June 23 was 16.3 million shares compared to the 3-month average volume of 1.31 million shares.

AllianceDBS Research said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

The research house said the relative strength index indicated that the stock was currently in the overbought zone.