KUALA LUMPUR (April 22): AllianceDBS Research said a higher high was seen in the making for Ho Hup Construction Company Bhd (HoHup) and that HoHup had on April 21 crossed over the 93.5 sen hurdle to settle at the day’s high of 94 sen (up 1.5 sen or 1.62%).

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

“Following the up close on April 21, the stock is likely to move higher again with immediate hurdle seen at 96.5 sen.

“A crossover of 96.5 sen again should see further price rise to the next overhead resistance at RM1.00.

“The support is pegged at 91 sen. A fall below 91 sen would put pressure on the stock down to the subsequent support zone, 86.5 sen – 89.5 sen,” it said.

AllianceDBS Research said stock volume traded on April 21 was 2.25 million shares compared to the 3-month average volume of 860,000 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.