CJ Century rises 2.2% on positive technicals

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KUALA LUMPUR (Jan 14): CJ Century Logistics Holdings Bhd shares rose 2.22% in the morning session today following a positive technical outlook on the stock.

At 12.05pm, CJ Century rose 1 sen to 46 sen with 1.76 million shares done.

AllianceDBS Research said the counter had on Jan 11, 2019 crossed over the 44 sen hurdle to settle at the day's high of 45 sen (up 4 sen or 9.75%).

In its evening edition last Friday, the research house said the crossover of the 44 sen hurdle would likely see CJ Century trading upward with the next upside target pegged between 47 sen and 49 sen.

It said risk-taking traders can establish a buying position at 44 sen on a small pullback.

"Once a buying position is established, a stop loss at 43 sen level must be placed for risk capital protection, and this 43 sen is to be followed by a trailing stop loss strategy.

"If you are prepared to take a trading loss risk of RM10 (excluding brokerage) for RM30-RM50 potential profit, you may acquire 1,000 shares with a capital amount of RM440 assuming buying order is filled at 44 sen," it said.