KUALA LUMPUR (Jan 16): AllianceDBS Research said Lay Hong Bhd (Layhong) had on Jan 15 traded marginally lower to 43 sen before closing at the day’s high of 45 sen (up 1 sen or 2.27%).

In its evening edition Jan 15, the research house said Layhong continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on 15 January 2019, the stock is likely to move higher with immediate hurdle at 49 sen.

“A crossover of 49 sen should see further price rise to the next overhead resistance zone, 51 sen – 53 sen.

“The support is pegged at 43 sen. A fall below 43 sen would put pressure on the stock down to the subsequent support at 41 sen,” it said.

AllianceDBS Research said stock volume traded on Jan 15 was 3.44 million shares compared to the 3-month average volume of 8.36 million shares.