OCK advanced 5 sen to finish at 86 sen yesterday on high trading volume. The share price has now confirmed a bullish “Pennant” formation to signal the start of the next up-cycle after being range-bound for the past two months. The Stochastic and RSI indicators have also turned upwards, while the MACD has just completed a positive crossover with the Signal line. All signals combined, OCK is poised for further gains ahead, and we believe that the share price could potentially climb towards 95 sen next. On the flipside, strong support is seen at 80 sen where bargain hunting could emerge.

 

Source: Kenanga