KUALA LUMPUR (Sept 7): AllianceDBS Research said the immediate hurdle for Bina Puri Holdings Bhd (BPuri)was at 37.5 sen and that BPuri had on Sept 4 traded marginally higher to 37.5 sen before closing at the day’s low of 36.5 sen (down half a sen or  1.35%).

In its evening edition last Friday, the research house said BPuri continued to stay below the 20-day and 50-day moving average lines.

“Given the way BPuri carried itself in the last 7 days, the stock is expected to move between 34.5 sen and 37.5 sen in the coming few days.

“A crossover of 37.5 sen should see further price rise to the next overhead resistance zone, 39 sen – 41.5 sen.

“However, a fall below 34.5 sen would put pressure on the stock down to the subsequent support at 33 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 4 was 530,000 shares compared to the 3-month average volume of 250,000 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.