CCK Consolidated Holdings
CCK may trend upwards further, according to RHB Research’s technical analysis report (September 30) as it recently bounced off the 21-day SMA line before trying to cross the MYR0.625 resistance level yesterday, on improved volume. If the breakout happens – indicating strong buying interest – the bulls may likely follow through to drive the stock higher towards the next resistance point of MYR0.675 (the high of 17 May), then MYR0.72, ie the YTD high. However, the counter may reverse direction if it falls below the MYR0.60 support – moving downwards below the average line.
Tanco Holdings
Tanco could undergo a rebound from a recent pullback as it rebounded from the 21-day average line while
moving towards the MYR0.305 resistance level yesterday – firming up the “higher low” bulish structure. If the bulls persist,
the stock may climb further towards the recent high of MYR0.32, followed by MYR0.34 or 15 Apr’s high. If it falls below
the MYR0.275 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the
average line.
