KUALA LUMPUR (Oct 21): AllianceDBS Research said Anzo Holdings Bhd’s (Anzo) immediate hurdle was at 22.5 sen and that Anzo had on Oct 20 gapped up to reach a high of 22 sen before closing at the day’s low of 20.5 sen (up half a sen or 2.50%).

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

“The upside gap indicated the urgency to establish stock positions.

“Following the weak up close on Oct 20, the stock is expected to move between 22.5 sen and 19 sen in the coming few days.

“A crossover of 22.5 sen should see a further price rise to the next overhead resistance zone of 23.5 sen – 25 sen.

“However, a fall below 19 sen would put pressure on the stock down to the subsequent support zone of 17.5 sen – 18 sen,” it said.

AllianceDBS Research said stock volume traded on Oct 20 was 9.33 million shares compared to the 3-month average volume of 650,000 shares.

The research house said indicators wise, the MACD was above the 9-day moving average line with the buy signal remaining intact.

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