KUALA LUMPUR (July 4): AllianceDBS Research said Pelikan International Corporation Bhd (Pelikan) had on July 3 traded lower to 89 sen before closing at the day’s high of 90 sen (down 0.5 sen or 0.55%).

In its evening edition yesterday, the research house said Pelikan continued to swing around the 20-day (blue) and 50-day (red) moving average lines in the last 6 days.

“Given the recent share price behaviour, the stock is likely to move between 87.5 sen and 93.5 sen in the coming few days.

“A crossover of 93.5 sen should see further price rise to the next overhead resistance at 96.5 sen.

“However, a fall below 87.5 sen would put pressure on the stock down to the subsequent support zone, 85 sen – 86 sen,” it said.

AllianceDBS Research said stock volume traded on July 3 was 60,000 shares compared to the 3-month average volume of 220,000 shares.

The research house said that indicators wise, the MACD was marginally 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.