KUALA LUMPUR (May 11): AllianceDBS Research SKP Resources Bhd (SKPRes) had on May 8 crossed over the 92 sen hurdle to reach an all-time high of 96 sen before closing at 94.5 sen (up 1 sen or 11.8%).

In its evening edition last Friday, AllianceDBS Research said SKPRes climbed over the 20-day MA line on May 8 after spending 4 days between the 20-day and 50-day moving average lines.

It said following the crossover of 92 sen hurdle with an up close, the stock was expected to test higher level again with immediate hurdle at 96 sen.

“A crossover of 96 sen should see further price rise to the next overhead resistance zone, 99 sen – RM1.05.

“The support is at 92 sen. A fall below 92 sen would put pressure on the stock down to the subsequent support zone, 81 sen – 83 sen,” it said.

AllianceDBS Research said stock volume traded on May 8 was 36.7 million shares compared to the 3-month average volume of 3.35 million shares.

The research house said indicator wise, the MACD was marginally above the 9-day moving average line.