OCK (Trading Buy, TP: RM0.905) Earlier last month (14th March), OCK’s share price broke above a crucial resistance level at RM0.76, and commenced a three-day rally to a high of RM0.84. However, it proved short-lived, and the share price subsequently retreated back the RM0.76 resistance-turned-support where it consolidated sideways last week. Nevertheless, OCK’s share price sprung back to life yesterday with a 3.0 sen (3.9%) gain to RM0.80. Trading volume was higher, while the Stochastic indicator has hooked upwards to reflect the increase in buying momentum. From here, we expect the share price to retest the RM0.84 (R1) high, where a successful breakthrough would set our sight on RM0.92 (R2) next. Traders may buy now and aim to take profit at RM0.905 (3 bids below R2) while limiting losses with a stoploss at 74.5 sen (3 bids below RM0.76 support).
CYPARK (Not Rated). Yesterday, CYPARK rose 9.0 sen (4.7%) to stage a breakout from its resistance-turned-support level of RM1.97 to close at RM2.01 on the back of incremental trading volume. The underlying outlook is looking positive, underpinned by the uptrending of all its key SMA. Besides, RSI indicator has also hooked up strongly to imply rising buying momentum in tandem with the increasing trading volume. Should follow-through buying interest persist, we view that the share price could set its sight on the immediate resistance of RM2.10 (R1) and possibly RM2.19 (R2) next. Nonetheless, we observe that there could be some mild profit taking activities on the price rally as shown by the long upper shadow candlestick. If profit taking intensifies, downside supports are RM1.97 (S1) followed by RM1.83 (S2).
Source: Kenanga Research - 5 Apr 2016
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