KUALA LUMPUR (Nov 2): AllianceDBS Research said Dolphin International Bhd (Dophin) had on Nov 1 traded within previous day’s range to form an inside day bar before closing unchanged at 22.5 sen.
The research house in its evening edition yesterday said Dolphin continued to trade above the 20-day (blue) and 50-day (red) moving average lines.
“The inside day bar indicated a breather in the game play.
“Following the unchanged settlement on Nov 1, the stock is likely to move between 20.5 sen and 23.5 sen in the coming few days.
“A crossover of 23.5 sen should see further price rise to the next overhead resistance zone, 26 sen – 27 sen.
“However, a fall below 20.5 sen would put pressure on the stock down to the subsequent support at 19.5 sen,” it said.
AllianceDBS Research said stock volume traded on Nov 1 was 1.87 million shares compared to the 3-month average volume of 1.34 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.