KUALA LUMPUR (June 16): AllianceDBS Research said the support for Felda Global Ventures Holdings Bhd (FGV) was at RM1.42 and that FGV had on June 15 traded within previous day’s range to form an inside day bar before closing at RM1.52 (up 2 sen or 1.33%).

In its evening edition yesterday, the research house said FGV continued to trade above the 20-day and 50-day moving average lines in the last 7 days.

“The inside day bar indicated a breather in the game play.

“Following the up close on June 15, the stock is likely to move between RM1.42 and RM1.55 in the coming few days.

“A crossover of RM1.55 should see further price rise to the next overhead resistance zone, RM1.62 – RM1.66.

“However, a fall below RM1.42 would put pressure on the stock down to the subsequent support at RM1.37,” it said.

AllianceDBS Research said stock volume traded on June 15 was 14.0 million shares compared to the 3-month average volume of 5.18 million shares.

The research house said that 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 a neutral zone.