KUALA LUMPUR (Jan 22): AllianceDBS Research said Chemical Company of Malaysia Bhd (CCM) had on Jan 19 traded marginally higher to RM2.21 before closing unchanged at RM2.16.

In its stock trend monitor last Friday, the research house said CCM continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Given the recent share price behaviour, the stock is likely to move between RM2.15 and RM2.25 in the coming few days.

“A crossover of RM2.25 should see further price rise to the next overhead resistance zone, RM2.35 – RM2.40.

“However, a fall below RM2.15 would put pressure on the stock down to the subsequent support at RM2.05,” it said.

AllianceDBS Research said stock volume traded on Jan 19 was 2.62 million shares compared to the 3-month average volume of 550,000 shares.

AllianceDBS Research said that indicators wise, the MACD line 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.