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Technical Analysis Of CCK Consolidated Holdings Berhad

Technical outlook for CCK's stock chart and stock price.

22 November 2019 Friday

The last time someone asked me to do analysis on CCK, I actually did the analysis on the US CCK stock LOL.!

In Malaysia there is a stock called CCK as well. So this is it.

Looking at the daily chart, it recently broke out of a daily ascending triangle. This is a good pattern but not a solid one in the context of CCK's stock chart. That's because there was heavy resistance on the left which hindered the effectiveness of the pattern.

The recent breakout and rise and then drop is because the stock needs to absorb the resistance. I think the stock still needs a bit of time to absorb this resistance.

Right now is not a time to buy the stock unless another chart pattern forms. 

But having said that, the stock is now setting itself up for a possible rise in the long term. So you want to put this into your watchlist.

That's because the stock is trying to move back above its daily 200 MA.

The stock has already move back above the daily 20 MA and 50 MA. What you want to see is for the 20 MA to be above the 50 MA and these both MAs above the 200 MA.

Do note that the stock has already started a new daily uptrend but not a powerful one yet.

The weekly chart shows some favourable development.

The stock has broken above a weekly downtrend line. You can also draw a weekly uptrend line to connect the lows. Watch this uptrend line carefully. If the stock is to continue the daily uptrend it will not fall below this uptrend line.

Start looking for continuation patterns and buying the dips. I do not see one now but perhaps one may appear in the near future. So be patient.

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