KUALA LUMPUR (July 18): AllianceDBS Research said Efficient-E Solutions Bhd (Efficen) had on July 17 traded within previous day’s range to form an inside day bar before closing at the day’s low of 35.5 sen (down 1 sen or 0.75%).

In its evening edition yesterday, the research house said Efficen continued to trade above the 20-day (blue) and 50-day (red) moving average lines in the last 2 days.

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

“Following the down close on July 17, the stock is likely to move lower with immediate support at 34.5 sen.

“A fall below 34.5 sen would put pressure on the stock down to the subsequent support zone, 31 sen – 32.5 sen.

“The hurdle is pegged at 37.5 sen. A crossover of 37.5 sen should see further price rise to the next overhead resistance zone, 41 sen– 44 sen. The support is pegged at 34.5 sen,” it said.

AllianceDBS Research said stock volume traded on July 17 was 3.41 million shares compared to the 3-month average volume of 4.45 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.