Thursday 28 Mar 2024
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KUALA LUMPUR (May 4): OCK Group Bhd may break away from the consolidation phase after surpassing its immediate resistance on higher volume yesterday, said RHB Retail Research.

After the stock had bounced above its 21-day simple moving average line from below, a positive bias may emerge if it manages to stay above the 51.5 sen resistance-turned-support level, it said in a note today.

"Towards the upside, the immediate resistance is eyed at the 55.5 sen level, then 57.5 sen.

"Meanwhile, if the stock breaches below the next support level of 50 sen, this expectation would be cancelled," it said.

Yesterday, OCK Group closed two sen or 4% up at 52 sen, with 31.03 million shares traded. It has a market capitalisation of RM548.31 million.

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