KUALA LUMPUR (June 9): AllianceDBS Research said Crest Builder Holdings Bhd (Cresbld) had on June 8 gapped up to reach a high of RM1.12 before closing near the day’s high at RM1.10 (up 10 sen or 10.0%).
In its evening edition yesterday, the research house said Cresbld continued to trade above the 20-day and 50-day moving average lines in the last two days.
“The upside gap indicated the urgency to establish stock position.
“Following the up close on June 8, the stock is likely to move higher again with immediate hurdle remains at RM1.10.
“A crossover of RM1.10 should see further price rise to the next overhead resistance at RM1.15 – 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 at 99 sen,” it said.
AllianceDBS Research said stock volume traded on June 8 was 7.35 million shares compared to the 3-month average volume of 360,000 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 an overbought zone. — theedgemarkets.com