In this report, we are  revisiting the stocks  that were highlighted in our previous Daily Trading Stock reports. As  these stocks  have  continued to garner market interest, we are  examining  their current technical picture and identifying the new levels to be mindful of, including their price targets as well as support and resistance levels. 

Ariantec Global:Testing another resistance. The stock had earlier faced strong selling pressure at RM0.20, as signalled by the 'Upper Shadow' of the 18-19 April candles. The fact that high volumes have accompanied the candles gives rise to the possibility of distribution at that level. However, the stock managed to overcome this bearish bias last Friday, where it closed  convincingly  above RM0.20. As expected, the  surge was soon met with resistance at last week's intraday high of RM0.25. Thus, this level has to be violated to keep the rally intact and this could see the stock testing the round figure of RM0.30. A failure to break RM0.25 may see a return in selling, where a close below the 2-day low of RM0.225 serves as the confirmation. Liquidation can be made if this happens and support is expected at RM0.20, RM0.175 and then RM0.135. A close below RM0.135 may signal the end of the two-month rally.

Metronic Global:  Struggling at resistance. The stock  was highlighted in early April for  its likelihood of bottoming at  the RM0.15 level. The stock has moved favorably, with  the formation of white candles on 17-18 April. As anticipated, it soon met with resistance at the round figure of RM0.20. It  also failed to close above this level despite 6 attempts and selling pressure is illustrated by the 'Upper Shadow' of the last few candles. Thus, it has to close above RM0.20 to keep the rally going. The price target remains at the psychological RM0.25 and thereafter, the all-time intraday high of RM0.315. A failure to break above RM0.20 could see sellers taking control, with a close below the 3-day low of RM0.185 as the confirmation. The RM0.185 level can also be employed as the stop loss for exiting positions. Strong support is at RM0.15, a violation of which likely spells the end of the 3-month rally.

Focus Dynamics:Uptrend in jeopardy. This stock was highlighted early last week for the possibility of a rally continuation, following the highest close in a month.  This close  indicated that a higher low was formed at RM0.16. However, buying interest was short lived as the expected resistance of RM0.20 proved hard  to break. The 'Upper Shadow' of 17-18 April, with closed below RM0.20, is a good indicator of the selling pressure. Furthermore, the high volume that accompanied the candles also suggests distribution. Thus, the possibility of an upward continuation has reduced significantly and the stock is likely to trade lower. A close below RM0.16 should confirm the weakness and  if this happens, traders should consider liquidating their positions. Strong support is at RM0.13, the violation of which may signal the end of the rally.

JoTech Holdings:Tight consolidation. The stock is still on a longer-term uptrend and an upward continuation was expected in late January. However, this did not materialize and the stock traded sideways. Despite this, the upward trend is still intact and in fact, the stock was making a higher base for a new up-leg at RM0.14. The expected upward continuation may happen soon as the stock was inching higher in the past month. It was accompanied by higher volume too, which suggests firm buying interest. Thus,  an  upward continuation is expected as long as it stays above RM0.14, and purchases can be made with a close below as  the  stop loss. A conservative trade may wait  for a consecutive close above RM0.155 before entering. The price target is RM0.215, a measured move based on the year-long sideways consolidation range, provided that the 2011-high resistance at the RM0.17 level is broken. The trade may not work out should the stop be triggered and strong support is expected at RM0.115.

Source: OSK188