KUALA LUMPUR: Shares of Green Ocean Corp Bhd raced higher in early trade on Friday.
The counter, which has been on an uptrend rose one sen, or 5.71% to 18.5 sen. It is one of the most heavily traded counter with over 19.1 million shares traded.
“Breaking out of descending triangle pattern, Green Ocean’s share price is poised for further upward movement,” PublicInvest Research said in a technical report.
It said the bullish RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term to lift price higher to the subsequent resistance levels of 18.5 sen and 20 sen.
“However, failure to hold on to support level of 15.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” it added.
On Tuesday, Green Ocean proposed a private placement exercise to raise up to RM3.79mil, to be used mainly to buy palm kernel.
The company said the proceeds raised would be utilised for the purchase of palm kernel, which is the essential raw material used in the palm kernel crushing production for the production of crude palm kernel oil and palm kernel expeller.