JCY active, jumps 6.35% on renewed buying interest

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KUALA LUMPUR (Aug 15): JCY International Bhd (JCY) rose 6.35% in active trade this morning on renewed buying interest.

At 9.03am, JCY rose 2 sen to 33.5 sen with 2.96 million shares done.

AllianceDBS Research said JCY International Bhd (JCY) had on Aug 14 traded higher to 32 sen before settling near the day’s high at 31.5 sen (up 2 sen or 6.78%).

In its evening edition yesterday, the research house said a crossover of the 33.5 sen hurdle would likely see JCY trading upward with the next upside target pegged between RM0.35 and 36 sen.

It said risk taking traders can establish a buying position at 30.5 sen on a small pullback.

“Once a buying position is established, a stop loss at 30 sen level must be placed for risk capital protection, and this 30 sen is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM5 (excluding brokerage) for RM45 – RM55 potential profit, you may acquire 1,000 shares with a capital amount of RM305 assuming buying order is filled at 30.5 sen,” it said.