KUALA LUMPUR (Aug 5): AllianceDBS Research said TPC Plus Bhd had on August 4 traded within the previous day’s range to form an inside day bar before closing at the day’s low of 58.5 sen (down 3 sen or 4.87%).

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

It said the inside day bar indicated a breather in game play.

“Following the down close on August 4, the stock is likely to test a lower level again with an immediate support at 57 sen.

“A fall below 57 sen should see a further price decline to the subsequent support at 52 sen.

“The hurdle is at 63 sen. A rise above 63 sen would lift the stock to the next resistance zone of 70 sen – 75 sen,” it said.

AllianceDBS Research said stock volume traded on August 4 was 560,000 shares compared to the 3-month average volume of 30,000 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 the overbought zone.