KUALA LUMPUR (Feb 3): AllianceDBS Research said Hap Seng Consolidated Bhd was likely to test a new high and that Hap Seng had on Feb 2 traded higher to an all-time high of RM7.28 before closing at RM7.25 (up 5 sen or 0.69%).

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

“Following the up close on Feb 2, the stock is likely to move between RM7.30 and RM7.00 in the coming few days.

“A crossover of RM7.30 should see further price rise to the next overhead resistance at RM7.40.

“However, a fall below RM7.00 would put pressure on the stock down to the subsequent support zone, RM6.60 – RM6.80,” it said.

AllianceDBS Research said stock volume traded on Feb 2 was 1.86 million shares compared to the 3-month average volume of 2.31 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 an overbought zone.