KUALA LUMPUR (July 27): AllianceDBS Research said the immediate support for SHH Resources Holdings Bhd (SHH) was at RM1.35 and said SHH had on July 24 traded higher to RM1.44 before closing at RM1.42 (up 3 sen or 2.15%).

In its evening last Friday, the research house said SHH continued to trade above the 20-day and 50-day moving average lines in the last 4 days.

“Following the up close on July 24, the stock is likely to move towards the immediate hurdle at RM1.51 in the coming few days.

“A crossover of RM1.51 should see further price rise to the next overhead resistance zone, RM1.60 – RM1.65.

“The support is pegged at RM1.35. A fall below RM1.35 would put pressure on the stock down to the subsequent support zone, RM1.25 – RM1.28,” it said.

AllianceDBS Research said stock volume traded on July 24 was 720,000 shares compared to the 3-month average volume of 100,00 shares.

The research house said that indicators wise, the MACD was 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 overbought zone.