OCK Group Bhd

• Share price has been rising steadily since our last Technical Buy call on 13 December 2023.

• OCK may trend higher after it surged to a new 52-week high yesterday to break out from its 3-week bullish rectangular pattern with a long white candles two sessions ago. Its third consecutive white candle and a white marubozu candlestick formed yesterday, has enhanced the near-term positive momentum. In addition, with the 20-day EMA staying above the 50-day EMA since the bullish crossover in early December, we believe the positive momentum to kick start a new upcycle and prolong the ongoing uptrend in the near term.

• We expect the stock to trend higher and test the next level of resistance of RM0.49 (R1), followed by RM0.53 (R2).

• On the downside, stop-loss is set at RM0.42, below the 18 Dec’s low.

Source: Rakuten Research - 5 Jan 2024

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