KUALA LUMPUR (July 13): AllianceDBS Research said the immediate support for Sunway Bhd was at RM3.30 and said Sunway had on July 10 tested previous day’s low of RM3.40 before rebounding to settle near the day’s high at RM3.47 (up 2 sen or 0.58%).

In its evening edition last Friday, the research house said Sunway continued to fluctuate around the 20-day and 50-day moving average lines in the last 8 days.

“Given the recent share price actions, the stock is expected to move between RM3.30 and RM3.55 in the coming few days.

“A fall below RM3.30 should see further price decline to the subsequent support at RM3.15.

“However, a rise above RM3.55 would lift the stock to the next resistance zone at RM3.65,” it said.

AllianceDBS Research said stock volume traded on July 10 was 610,000 shares compared to the 3-month average volume of 2.18 million shares.

The research house said that 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.