KUALA LUMPUR (March 11): AllianceDBS Research said Hup Seng Industries Bhd was trading sideways and that Hup Seng had on March 10 traded within previous day’s range to form an inside day bar before closing at RM1.30 (up 2 sen or 1.56%).

In its evening edition yesterday, the research house said Hup Seng continued to swing around the 20-day and 50-day moving average lines in the last 16 days.

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

“Given the recent share price action, the stock is expected to move between RM1.26 and RM1.33 in the coming few days.

“A crossover of RM1.33 should see further price rise to the next overhead resistance at RM1.40.

“However, a fall below RM1.26 would put pressure on the stock down to the subsequent support at RM1.23,” it said.  

AllianceDBS Research said stock volume traded on March 10 was 150,000 shares compared to the 3-month average volume of 380,000 shares.

The research house said that indicators wise, the MACD was marginally 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.