COCOLND rose 7 sen or 4.6% yesterday to close at RM1.59 on strong volume with its closing price touching its 20-day SMA line, which suggests an uptrend movement. MACD indicator was seen hooking upward, a positive signal. Meanwhile, both RSI and Stochastics indicators are showing sharp reversal movement, indicating the strong buying momentum. We expect the share price to test its next resistance level of RM1.68 should the buying volume sustains with RM1.49 seen as a strong support level.

 

 

Source: Kenanga