KUALA LUMPUR (Aug 5): AllianceDBS Research said the immediate hurdle for JAKS Resources Bhd (JAKS) was at RM1.02 and JAKS had on August 4 traded higher to a high of RM1.00 on the opening bell before closing unchanged at 97 sen.

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

“Given the recent share price actions, the stock is likely to move between 90 sen and RM1.02 in the coming few days.

“A crossover of RM1.02 should see further price rise to the next overhead resistance zone RM1.08 – RM1.15.

“However, a fall below 90 sen would put pressure on the stock down to the subsequent support at 80 sen,” it said.

AllianceDBS Research said stock volume traded on August 4 was 4.61 million shares compared to the 3-month average volume of 7.31 million shares.

The research house said indicators wise, the MACD was marginally 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.