KUALA LUMPUR (Jan 20): AllianceDBS Research said Genting Bhd was consolidating and that Genting had on Jan 19 traded lower to RM8.25 before closing at the day’s high of RM8.35 (up 2 sen or 0.24%).

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

“Following the up close on Jan 19, the stock is likely to move higher with immediate hurdle at RM8.40.

“A rise above RM8.40 would lift the stock to the next resistance at RM8.60.

“The support is pegged at RM8.16. A fall below RM8.16 should see further price decline to the subsequent support zone, RM7.90 – RM8.00,” it said.

AllianceDBS Research said stock volume traded on Jan 19 was 2.58 million shares compared to the 3-month average volume of 3.11 million shares.

The research house said that indicators wise, the MACD is 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.