AllianceDBS Research in its evening edition last Friday said DRBHcom continued to trade above the 20-day and 50-day moving average lines since March 18.
“Following the up close on April 1, the stock is likely to move higher again with immediate hurdle seen at RM1.12.
“A crossover of RM1.12 should see further price rise to the next overhead resistance at RM1.18.
“The support is pegged at RM1.02. A fall below RM1.02 would put pressure on the stock down to the subsequent support zone, 99 sen – RM1.00,” it said.
AllianceDBS Research said stock volume traded on April 1 was 8.01 million shares compared to the 3-month average volume of 1.87 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.
DRBHCOM (1619) - Renewed buying interest emerges in DRB-Hicom, says AllianceDBS Research
http://www.theedgemarkets.com/my/article/renewed-buying-interest-emerges-drb-hicom-says-alliancedbs-research
