KUALA LUMPUR (Nov 16): AllianceDBS Research said the immediate support zone for Supermax Corporation Bhd (Supermx) was at RM2.36 to RM2.42 and that Supermx had on Nov 13 traded marginally higher to RM2.51 before closing unchanged at RM2.45.

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

“Following the unchanged settlement on Nov 13, the stock is likely to move lower with immediate support zone, RM2.36 – RM2.42.

“A fall below RM2.36 should see further price rise to the subsequent support at RM2.30.

“The hurdle is pegged at RM2.51. A rise above RM2.51 would lift the stock to the next resistance zone, RM2.65 – RM2.70,” it said.

AllianceDBS Research said stock volume traded on Nov 13 was 13.4 million shares compared to the 3-month average volume of 4.51 million shares.

The research house said 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.