KUALA LUMPUR (Oct 30): AllianceDBS Research said the immediate hurdle for Malaysian Resources Corporation Bhd (MRCB) was at RM1.28 and that MRCB had on Oct 29 gapped up to reach a high of RM1.28 before closing at RM1.26 (up 7 sen or 5.88%).

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

“Following the up close on Oct 29, the stock is expected move between RM1.18 and RM1.28 in the coming few days.

“A crossover of RM1.28 should see further price rise to the next overhead resistance zone, RM1.40 – RM1.45.

“However, a fall below RM1.18 would put pressure on the stock down to the subsequent support zone, RM1.10 – RM1.15,” it said.

AllianceDBS Research said stock volume traded on Oct 29 was 15.0 million shares compared to the 3-month average volume of 4.87 million shares.

The research house said indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in the neutral zone.