KUALA LUMPUR (Sept 7): AllianceDBS Research said the immediate hurdle for IFCA MSC Bhd was at 78 sen and that IFCA MSC had on Sept 4 traded higher to 78 sen before closing unchanged at 71 sen.

In its evening edition last Friday, the research house said IFCA MSC continued to stay between the 20-day and 50-day moving average lines in the last 2 days.

“Following the unchanged settlement on Sept 4, the stock is likely to test higher level again with immediate hurdle at 78 sen.

“A crossover of 78 sen should see further price rise to the next overhead resistance at 81.5 sen.

“The support is pegged at 68 sen. A fall below 68 sen would put pressure on the stock down to the subsequent support at 60 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 4 was 91.2 million shares compared to the 3-month average volume of 24.7 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 overbought zone.