KUALA LUMPUR (Sept 7): AllianceDBS Research said SapuraKencana Petroleum Bhd (SKPetro) was consolidating and that SKPetro had on Sept 4 traded higher to RM1.82 before closing near the day’s low at RM1.75 (down 2 sen or 1.13%).

In its evening edition last Friday, the research house said SKPetro continued to stay below the 20-day and 50-day moving average lines.

“Given the recent share price actions, the stock is likely to move between RM1.68 and RM1.91 in the coming few days.

“A crossover of RM1.91 should see further price rise to the next overhead resistance at RM2.00.

“However, fall below RM1.68 would put pressure on the stock down to the subsequent support zone, RM1.50 – RM1.56,” it said.

AllianceDBS Research said stock volume traded on Sept 4 was 15.7 million shares compared to the 3-month average volume of 12.0 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.