KUALA LUMPUR (Aug 9): AllianceDBS Research said Malaysian Resources Corp Bhd (MRCB) had on Aug 8 gapped up to cross over the 83.5 sen hurdle.

In its evening edition Wednesday, the research house said the stock subsequently reached an intraday high of 84 sen before closing near the day’s high at 83.5 sen (up 4 sen or 5.03%).

It said MRCB continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“The upside gap indicated the urgency to establish stock position.

“Following the up close on Aug 8, the stock is likely to move higher again with immediate hurdle at 83.5 sen.

“A crossover of 83.5 sen again should see further price rise to the next overhead resistance zone, 88 sen – 95 sen.

“The support is pegged at 80.5 sen. A fall below 80.5 sen would put pressure on the stock down to the subsequent support at 75.5 sen,” it said.

AllianceDBS Research said stock volume traded on Aug 8 was 123.9 million shares compared to the 3-month average volume of 35.8 million shares.