KUALA LUMPUR (Sept 8): AllianceDBS Research said SHH Resources Holdings Bhd was ready to test higher again and that SHH had on Sept 7 crossed over the RM1.40 hurdle to reach a high of RM1.42 before closing near the day’s high at RM1.41 (up 8 sen or 6.01%).

In its evening edition yesterday, the research house said SHH continued to stay above the 20-day and 50-day moving average lines in the last 3 days.

“Following the up close on Sept 7, the stock is expected to test higher level again with immediate hurdle seen at RM1.45.

“A crossover of RM1.45 should see further price rise to the next overhead resistance zone, RM1.55 – RM1.55.

“The support is pegged at RM1.38. A fall below RM1.28 would put pressure on the stock down to the subsequent support at RM1.28,” it said.

AllianceDBS Research said stock volume traded on Sept 7 was 430,000 shares compared to the 3-month average volume of 140,000 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.