OCK (Trading Buy, TP revised to RM0.925 from RM0.905). Two weeks back (5th April), we highlighted OCK when its share price broke out of its RM0.75/RM0.78 consolidation zone. While the share price rose over the next two days, trading interest fizzled out with OCK subsequently hovering sideways on low volume. Nevertheless, buying interest returned yesterday, with OCK gaining 2.0 sen (2.5%) to RM0.825. Trading volume also rose to a two-week high. Consequently, the share price has also broken out of what resembles a “Pennant” pattern. This signals a continuation of its prior uptrend following the brief pause. From here, we expect OCK to move to retest the March Top of RM0.84 (R1), before climbing further towards the RM0.94 (R2) measurement objective. Downside support levels are RM0.78 (S1) and RM0.76 next. Traders may aim to take profit at RM0.925, with a stop-loss conservatively placed at RM0.745.
HHGROUP (Not Rated). HHGROUP underwent through some correction since reaching a high of RM0.88 back in November 2015. Early of the year, the share price eased into a correction by trading sideways to consolidate further within a range of RM0.355-RM0.48. Yesterday, the share price has started to stir again by rising 3.5 sen (8.54%) to stage a breakout from the 50-day SMA line for the first time this year at RM0.445 on heavy trading volume. Technical-wise, the share price has also managed to recover the gap-down set back in early March. Stochastic and RSI indicator have also trended up strongly to reflect the piling buying momentum, an indication that a rebound play is on the cards. Should follow-through buying interest persist, we believe that the share price could look to stage a rebound play towards RM0.48 (R1) and possibly RM0.545 (R2) next. Meanwhile, supports are seen at RM0.435 (S1) followed by RM0.39 (S2).
Source: Kenanga Research - 20 Apr 2016
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callmehorny
HENG HUAT AR
2016-04-21 11:38