KUALA LUMPUR (Feb 16): AllianceDBS Research said Malakoff Corporation Bhd was expected to trade sideways and that Malakoff had on Feb 15 traded marginally higher to RM1.61 before closing unchanged at RM1.59.

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

“Given the recent share price action, the stock is likely to move between RM1.50 and RM1.65 in the coming few days.

“A crossover of RM1.65 should see further price rise to the next overhead resistance at RM1.70.

“However, a fall below RM1.50 would put pressure on the stock down to the subsequent support at RM1.40,” it said.

AllianceDBS Research said stock volume traded on Feb 15 was 5.40 million shares compared to the 3-month average volume of 4.93 million 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.