Quick take: Oceancash rises 6.5% on technical buy

KUALA LUMPUR: Shares in OCEANCASH PACIFIC BHD (OCP) rose more than 6% in early trade Tuesday after a technical buy from PublicInvest Research.

The counter rose 6.58%, or 2.5 sen to 40.5 sen, its highest in two weeks, with 3.2 million shares traded.

Oceancash’s wholly-owned subsidiary Oceancash Nonwoven Sdn Bhd manufactures and trades air-through bonded nonwovens, and thermal bonded nonwovens, which are widely used in the disposable hygienic products industry such as face masks.

PublicInvest said Oceancash has shown initial signs of recovery from its consolidation phase.

“Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the resistance level of 41 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 42 sen and 44.5 sen,” the research house said.

However, PublicInvest said failure to hold on to a support level of 34.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

Source: TheStar