KUALA LUMPUR (Mar 19): AllianceDBS Research said JAKS Resources Bhd (Jaks) had on March 16 traded within previous day’s range to form an inside day bar before closing at the day’s high of RM1.50 (up 2 sen or 1.35%).

In its evening edition last Friday, the research house said Jaks continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“The inside day bar indicated a breather in the game play.

“Following the up close on March 16, the stock is likely to move higher with immediate hurdle at RM1.53.

“A rise above RM1.53 would lift the stock to the next resistance zone, RM1.59 – RM1.62.

“The support is pegged at RM1.44. A fall below RM1.44 should see further decline to the subsequent support at RM1.35,” it said.

AllianceDBS Research said stock volume traded on March 16 was 1.89 million shares compared to the 3-month average volume of 3.5 million shares.