Quick take: CCK rises 2% on technical buy

  • Stock on the Move
  • Friday, 04 Oct 2019

KUALA LUMPUR: Shares in CCK CONSOLIDATED HOLDINGS BHD rose 2% in early trade Friday after a technical buy by PublicInvest Research.

The poultry and retailing company gained 1.92%, or one sen with over 2.71 million shares traded. In the past one year, it has fallen some 33.9%. It is trading at a PE ratio of 14.35 times.

PublicInvest said CCK was showing initial signs of potential recovery from its consolidation phase.

“Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in nearterm.

“Should resistance level of 56 sen be broken, it may continue to lift price higher to subsequent resistance level of 60 sen, ” the research house said.

However, PublicInvest noted that failure to hold on to support level of 49.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level was at 48 sen.

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