TENAGA (Not Rated). We are highlighting TENAGA after the share price staged a breakout from its resistance-turned-support level of RM13.70 on the back of strong trading volume, which is also well supported by its long-term SMA trend line. We observe that the gradual climb comes with gradual increase in trading volume, indicating healthy investors' interest. The MACD histogram has staged a bullish crossover, while both RSI and Stochastic are hooked up to imply the strengthening buying momentum. All in, we view that the share price could look to trend further up towards its resistance level of RM14.51 (R1) and possibly RM15.50 (R2) next in the near-to-mid term. Immediate support is seen at RM13.15 (S1) followed by RM12.38 (S2).

ESCERAM (Not Rated). We are revisiting this stock as it has garnered investors' interest to stage a breakout from its downtrend resistance line, to possibly put a halt to its downtrend trajectory. MACD has also broken out from its downtrend resistance to undergo its bullish convergence, while both RSI and Stochastic are trending up healthily to imply improved buying momentum. From here, we reckon that follow-through buying interest could possibly lead the share price to trend higher towards its RM0.55 (R1) and possibly RM0.62 (R2) next. Immediate support is pegged at RM0.48 (S1) followed by RM0.43 (S2).

Source: Kenanga Research - 23 Mar 2016