KUALA LUMPUR (June 23): Shares of SKP Resources Bhd (SKPRes) rose in early trade today after AlllianceDBS Research said the immediate support for SKPRes was at RM1.09 and said SKPRes had on June 22 traded within previous day’s range to form an inside day bar before closing near the day’s low at RM1.11 (up 1 sen or .90%).

At 9.08am, SKPRes was up one sen or 0.9% to RM1.12 with 4.71 million shares done.

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

AllianceDBS Research said the inside day bar indicated a pause in game play.

“Following the up close on June 22, the stock is likely to move between RM1.09 and RM1.15 in the coming few days.

“A crossover of RM1.15 should see a further price rise to the next overhead resistance zone of RM1.23 – RM1.28.

“A fall below RM1.09 would put pressure on the stock down to the subsequent support at RM1.07,” it said.

AllianceDBS Research said stock volume traded on June 22 was 2.88 million shares compared to the 3-month average volume of 6.80 million shares.

The research house said that indicators wise, the MACD was still marginally below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in the neutral zone.