· TOPGLOV (Trading Buy, TP: RM9.25). Earlier this month, we featured TOPGLOV when it was trading sideways within the range of RM7.50-7.90. As expected, the share price underwent a short-term consolidation in the past two weeks to neutralise the overbought situation. Even so, the share price managed to hold above the RM7.06 support level. More importantly, the stock was given a renewed lease of life yesterday when it rose for four consecutive days with bullish white candlesticks. The MACD indicator has now crossed above the Signal line, and we reckon that perhaps this time, we may see the share price extend its gains towards RM9.25 (R2) target. Meanwhile, a stop-loss level of RM8.15 (S1) should be placed.

· MYEG (Stopped-out @ RM2.54). To recall, we had issued a “Trading Buy” call on MYEG on 16 July 2015, with a target price of RM3.00 as the share price then appeared to be reversing from its strong uptrend support level. However, the share has been consolidating sideways after failing to break above the resistance level of RM2.84 (76.4% Fibonacci Retracement level). Mixed readings from key momentum indicators are suggesting the indecision of the share price direction. Moreover, the technical picture has turned bearish as the share price dipped below all 3-SMAs. As the share price met our stop-loss level of RM2.54, we are cutting our position in this stock. However, we might revisit the stock on fresh reversal signal. 

Source: Kenanga Research - 25 Aug 2015