KUALA LUMPUR (Nov 23): AllianceDBS Research said Puncak Niaga Holdings Bhd (Puncak) had on Nov 22 traded marginally higher to 68 sen before closing unchanged at 66.5 sen.

In its evening edition yesterday, the research house said Puncak continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“Following the unchanged close on Nov 22, the stock is likely to move lower with immediate support at 65.5 sen.

“A fall below 65.5 sen would put pressure on the stock down to the subsequent support at 63 sen.

“The hurdle is pegged at 68 sen. A crossover of 68 sen should see further price rise to the next overhead resistance at 70 sen,” it said.

AllianceDBS Research said stock volume traded on Nov 22 was 880,000 m shares compared to the 3-month average volume of 860,000 shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.