KUALA LUMPUR (Oct 21): AllianceDBS Research said Supermax Corporation Bhd’s position was squared and that Supermax had on Oct 20 tested the previous day’s high of RM2.12 before closing near the day’s low at RM2.08 (down 1 sen or 0.47%).

In its evening edition yesterday, the research house said Supermax continued to trade between the 20-day and 50-day moving average lines in the last 4 days.

“Following the down close on Oct 20, the stock is expected to move between RM2.05 and RM2.14 in the coming few days.

“A crossover of RM2.14 should see a further price rise to the next overhead resistance zone of RM2.30 – RM2.35.

“However, a fall below RM2.05 would put pressure on the stock down to the subsequent support zone of RM1.99 - RM2.02,” it said.

AllianceDBS Research said stock volume traded on Oct 20 was 3.37 million shares compared to the 3-month average volume of 3.51 million shares.

The research house said indicators wise, the MACD was above the 9-day moving average line with the buy signal remaining intact.

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