KUALA LUMPUR (June 29): AllianceDBS Research said the immediate hurdle for Gabungan AQRS Bhd (AQRS) was at RM1.20 and said AQRS had on June 26 tested previous day’s high of RM1.17 before closing unchanged at RM1.17.

In its evening edition last Friday, AllianceDBS Research said AQRS continued to trade below the 20-day and 50-day moving average lines.

“Following the up close on June 26, the stock is likely to move between RM1.15 and RM1.20 in the coming few days.

“A crossover of RM1.20 should see further price rise to the next overhead resistance zone, RM1.25 – RM1.30.

“However, a fall below RM1.15 would put pressure on the stock down to the subsequent support at RM1.07,” it said.

The research house said stock volume traded on June 26 was 70,000 shares compared to the 3-month average volume of 430,00 shares.

AllianceDBS Research said that the MACD was marginally 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 oversold zone.