KUALA LUMPUR (Oct 27): AllianceDBS Research said Icon Offshore Bhd (Icon) was consolidating and that Icon had on Oct 26 tested last Friday’s high of 36.5 sen before closing unchanged at 36 sen.

In its evening edition yesterday, the research house said Icon continued to fluctuate around the 20-day MA line in the last 7 days, but it seemed to have support above the 50-day moving average line since Oct 1.

“Given the recent price behaviour, the stock is expected to move between 39 sen and 33.5 sen in the coming few days.

“A crossover of low 39 sen should see further price rise to the next overhead resistance zone, 42.5 sen – 45 sen.

“However, a fall below 33.5 sen would put pressure on the stock down to the subsequent support at 30 sen,” it said.

AllianceDBS Research said stock volume traded on Oct 26 was 510,000 shares compared to the 3-month average volume of 1.98 million shares.

The research house said indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in the neutral zone.