KUALA LUMPUR (July 7): Alliance DBS Research said Tomypak Holdings Bhd (Tomypak) had on July 6 traded higher to an all-time high of RM1.08 before closing at RM1.07 (up 4 sen or 3.88%).

In its evening edition yesterday, the research house said Tomypak continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on July 6, the stock is likely to move higher again with immediate hurdle at RM1.25.

“A crossover of RM1.25 should see further price rise to the next overhead resistance at RM1.30.

“The support is pegged at RM1.05. A fall below RM1.05 would put pressure on the stock down to the subsequent support zone, 98.5 sen – RM1.01,” it said.

Alliance DBS Research said stock volume traded on July 6 was 1.97 million shares compared to the 3-month average volume of 930,000 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 an overbought zone.