KUALA LUMPUR (March 17): AllianceDBS Research said hurdle for TRC Synergy Bhd was at 43 sen and that TRC had on March 16 traded higher to 41 sen before closing at 39.5 sen (down half a sen or 1.25%).
In its evening edition yesterday, the research house said TRC continued to trade above the 20-day and 50-day moving average lines in the last 2 days.
“Following the down close on March 16, the stock is likely to move between 38 sen and 43 sen in the coming few days.
“A crossover of 43 sen should see further price rise to the next overhead resistance at 46 sen.
“However, a fall below 38 sen would put pressure on the stock down to the subsequent support zone, 33 sen – 35 sen, it said.
AllianceDBS Research said stock volume traded on March 16 was 530,000 shares compared to the 3-month average volume of 120,000 shares.
The research house said that 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 an overbought zone.