KUALA LUMPUR (May 16): AllianceDBS Research said JF Technology Bhd (JFTech) had on May 15 traded higher to settle at an all-time high of RM1.02 (up 8.5 sen or 9.09%).

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

“Following the up close on May 15, the stock is likely to move higher again with immediate hurdle at RM1.10.

“A crossover of RM1.10 should see further price rise to the next overhead resistance at RM1.20.

The support is pegged at 95 sen. A fall below 95 sen would put pressure on the stock down to the subsequent support at 90 sen,” it said.

AllianceDBS Research said stock volume traded on May 15 was 4.25 million shares compared to the 3-month average volume of 440,000 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.