above: Century Logistic daily chart (click to enlarge)
The latest rally in lower liners had awakened a number of lower priced stocks including Century Logistics. The share price managed to break through the RM1.72 resistance and thereafter tested the RM1.88 barrier, which currently acts as its immediate resistance.
An up-trending channel, we see a stronger support at RM1.72 should the correction cuts deeper. Trading volume had also picked up in line with the broader market and the fact that logistics rates are making a rebound will lend support to the share price of Century Logistic. We expect the up-trend channel to be maintained. A trading buy.
by Mercury Securities