CCK Consolidated Holdings is poised to trend upwards above the sideways consolidation phase after bouncing off the 21-day SMA line, meandering around the immediate resistance point of MYR0.83 yesterday – this, on top of a surge in trading volume. If a breakout happens, the stock is set to climb towards the all-time high of MYR0.86 before possibly marking a new high at the MYR1 mark. Towards the downside, dropping below the MYR0.785 support would reverse the trend further.

Source: RHB Securities Research - 23 Nov 2023