KUALA LUMPUR (July 5): AllianceDBS Research said Malaysian Resources Corporation Bhd (MRCB) was in position to trade higher and that MRCB had on July 4 traded higher to settle at the day’s high of RM1.08 (up 3 sen or 2.85%).

In its evening edition yesterday, the research house said MRCB continued to stay below the 20-day and 50-day moving average lines.

“Given the recent share price behaviour, the stock is likely to move between RM1.03 and RM1.08 in the coming few days.

“A crossover of RM1.08 should see further price rise to the next overhead resistance zone, RM1.14 – RM1.17.

“However, a fall below RM1.03 would put pressure on the stock down to the subsequent support at 97 sen,” it said.

AllianceDBS Research said stock volume traded on July 4 was 510,000 shares compared to the 3-month average volume of 1.55 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.