KUALA LUMPUR (Dec 16): AllianceDBS Research said the immediate the immediate support for KUB Malaysia Bhd (KUB) was seen at 37.5 sen and that KUB had on Dec 15 traded lower to 38.5 sen before closing at 39 sen (down 1 sen or 2.50%).

In its evening edition yesterday, the research house said KUB continued to trade above the 20-day and 50-day moving average lines in the last 7 market days.

“Given the recent share price, the stock is likely to move between 37.5 sen and 40.5 sen in the coming few days.

“A crossover of 40.5 sen should see further price rise to the next overhead resistance zone, 44 sen – 46 sen.

“However, a fall below 37.5 sen would put pressure on the stock down to the subsequent support zone, 34 sen – 36 sen,” it said.

AllianceDBS Research said stock volume traded on Dec 15 was 530,000 shares compared to the 3-month average volume of 1.84 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.