SYCAL was up 1.5 sen (+3.4%) yesterday to RM0.46. Key indicators are picking up steam and moving upwards from oversold levels, while there is no meaningful trading signal issued by MACD. The uptick in momentum was also supported by higher trading volume yesterday. Chart-wise, the stock has been recording lower lows, but there remains a strong support at the RM0.44 (S1) level. AS SYCAL has been in consolidation mode after its strong run-up in April-15, we recommend investors to look out for a breakout from its 20-day SMA level of RM0.47 level in the near-term.

Source: Kenanga Research - 29 May 2015