KUALA LUMPUR (July 30): AllianceDBS Research said the immediate hurdle for APFT Bhd was at 23 sen and said APFT had on July 29 tested previous day’s high of 23 sen before closing at 22.5 sen (up 1 sen or 4.65%).

In its evening edition yesterday, the research house said APFT continued to trade above the 20-day and 50-day moving average lines in the last 8 days.

“Following the up close on July 29, the stock is likely to test higher level again with immediate hurdle at 23 sen.

“A crossover of 23 sen should see further price rise to the next overhead resistance 25 sen – 26 sen.

“The support is pegged at 21.5 sen. A fall below 21.5 sen would put pressure on the stock down to the subsequent support zone, 19.5 sen – 20.5 sen,” it said.

AllianceDBS Research said stock volume traded on July 29 was 22.0 million shares compared to the 3-month average volume of 17.7 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 the neutral zone with upside bias.