Lotte Chemical trending sideways, says AllianceDBS Research

Lotte Chemical trending sideways, says AllianceDBS Research

Lotte Chemical trending sideways, says AllianceDBS Research

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KUALA LUMPUR (Sept 25): AllianceDBS Research said Lotte Chemical Titan Holding Bhd (LCT) had on Sept 21 traded lower to RM5.04 before rebounding to close at RM5.25 (down 4 sen or 0.75%).

In its evening edition last Thursday, the research house said LCT continued to trade below the 20-day (blue) in the last 2 days.

“Given the recent share price behaviour, the stock is likely to move between RM4.95 and RM5.95 in the coming few days.

“A crossover of RM5.95 should see further price rise to the next overhead resistance at RM6.10.

“However, a fall below RM4.95 would put pressure on the stock down to the subsequent support zone, RM4.50 – RM4.70,” it said.

AllianceDBS Research said stock volume traded on Sept 21 was 10.9 million shares.

The research house said that indicators wise, the MACD was marginally below the 9-day moving average line with a sell signal just being emitted.

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