KUALA LUMPUR (May 13): AllianceDBS Research said Handal Resources Bhd (Handal) had on May 10 traded higher to 38 sen before closing near the day’s high at 37.5 sen (up 1.5 sen or 4.16%).

In its evening edition May 10, the research house said Handal crossed above 20-day (blue) and 50-day (red) moving average lines on May 10 after spending 4 days between the 2 same MA lines.

It said following the up close on May 10, the stock is likely to move higher again with immediate hurdle at 40 sen.

“A crossover of 40 sen should see further price rise to the next overhead resistance at 41.5 sen.

“The support is pegged at 35 sen. A fall below 35 sen would put pressure on the stock down to the subsequent support zone, 32.5 sen – 34 sen,” it said.

AllianceDBS Research said stock volume traded on May 10 was 170,000 shares compared to the 3-month average volume of 210,000 shares.