KUALA LUMPUR (April 21): AllianceDBS Research said the buying volume for Mah Sign Group Bhd was expanded and that Mah Sing had on April 20 traded higher to settle at the day’s high of RM1.55 (up 5 sen or 3.33%).

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

“Following the up close on April 20, the stock is likely to move higher again with immediate hurdle at RM1.55.

“A crossover of RM1.55 should see further price rise to the next overhead resistance zone, RM1.57 – RM1.60.

“The support is pegged at RM1.45. A fall below RM1.45 would put pressure on the stock down to the subsequent support zone, RM1.38 – RM1.40,” it said.

AllianceDBS Research said stock volume traded on April 20 was 9.40 million shares compared to the 3-month average volume of 980,000 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.