KUALA LUMPUR (July 24): AllianceDBS Research said CCK Consolidated Holdings Bhd (CCK) had on July 21 crossed over the 96.5 sen hurdle to reach a high of 98.5 sen before closing unchanged at 95.5 sen.

In its evening edition last Friday, the research house said CCK continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the unchanged close on July 21, the stock is likely to move lower with immediate support at 94.5 sen.

“A fall below 94.5 sen would put pressure on the stock down to the subsequent support at 91.5 sen.

“The hurdle is pegged at 98.5 sen. A crossover of 98.5 sen should see further price rise to the next overhead resistance zone, RM1.05 – RM1.08,” it said.

AllianceDBS Research said stock volume traded on July 21 was 8.33 million shares compared to the 3-month average volume of 2.97 million shares.

The research house said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone.