KUALA LUMPUR (May 27): AllianceDBS Research said the immediate hurdle for Ivory Properties Group Bhd (Ivory) was at 50 sen and that Ivory had on May 26 traded higher to 49 sen before closing at 47.5 sen (up 2.5 sen or 5.55%).

In its evening edition yesterday, the research house said Ivory continued to trade above the 20-day and 50-day moving average lines.

“Following the up close on May 26, the stock is likely to move higher again with immediate hurdle at 50 sen.

“A crossover of 50 sen should see further price rise to the next hurdle at 55 sen.

“The support is pegged at 45 sen. A fall below 45 sen should see further price decline to the subsequent support zone, 40 sen – 43 sen,” it said.

AllianceDBS Research said stock volume traded on May 26 was 3.89 million shares compared to the 3-month average volume of 590,000 shares.

The research house said that indicators wise, the MACD was still 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 a neutral zone.