KUALA LUMPUR (Oct 25): AllianceDBS Research said SKP Resources Bhd was at a higher high and that it had on Oct 24 traded higher to RM1.44 before closing near the day's high at RM1.43 (up 4 sen or 2.87%).

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

"Following the up close on Oct 24, the stock is likely to move higher again with immediate hurdle seen at RM1.44.

"A crossover of RM1.44 should see further price rise to the next overhead resistance at RM1.48.

"The support is pegged at RM1.36. A rise above RM1.36 would lift the stock to the next resistance at RM1.48," it said.

AllianceDBS Research said stock volume traded on Oct 24 was 4.07 million shares compared to the three-month average volume of 2.24 million shares.

Indicator-wise, the MACD was above the nine-day moving average line with the buy signal remaining intact, said the research house.

It said the relative strength index indicated that the stock was currently in an overbought zone.