KUALA LUMPUR (Aug 5): AllianceDBS Research said the immediate hurdle for SapuraKencana Petroleum Bhd (SKPetro) was at RM2.46 and said SKPetro had on August 4 traded marginally lower to RM2.39 before closing at RM2.40 (down 4 sen or 1.63%).

In its evening edition yesterday, the research house said SKPetro continued to stay between the 20-day and 50-day moving average lines in the last 4 days.

“Given the recent price movement, the stock is likely to trade between RM2.33 and RM2.46 in the coming few days.

“A crossover of RM2.46 should see a further price rise to the next overhead resistance zone of RM2.51 – RM2.55.

“However, a fall below RM2.33 would put pressure on the stock down to the subsequent support zone of RM2.22 – RM2.28,” it said.

AllianceDBS Research said stock volume traded on August 4 was 100,000 shares compared to the 3-month average volume of 8.89 million shares.

The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with the buy signal remaining intact.

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