MAA (Not Rated). On the 28-Apr, we highlighted MAA after the share price broke above the RM1.00 resistance. Barely a week later, the share price rallied to as high as RM1.28 before paring gains. Now, MAA has now signalled yet another entry point based on our charting. The share price rose 4 sen (+3.4%) at RM1.20, and has just broken out of RM1.11-RM1.18 consolidation zone. Trading volume was at a two-month high, while the MACD has also crossed above the signal-line to reflect a pick-up in positive momentum. From here, expect an upside retest of the RM1.28 (R1) high fairly soon. Should this level be taken out, further gains would then be expected towards RM1.38 (R2) next. Downside support is pegged at RM1.15 (S1), and RM1.11 (S2) further down.

TOPGLOV (Not Rated). TOPGLOV had recently faced some selling pressure as it broke down from its multi-month key support turned resistance level of RM4.87 two weeks ago. Since then, the share price had found some relieve as it has been consolidating sideways within the RM4.60-RM4.74 region. On the back of the stronger greenback against the Ringgit as a result from the Brexit aftereffects, TOPGLOV had garnered investors' interest once again as it rose 17 sen (+3.67%) to reverse from its recent low level of RM4.60 to close at RM4.80. RSI and Stochastic indicator had also emerged strongly from their respective oversold position to indicate that buying interest had resurfaced on the stock, supportive of the potential rebound play. As there is yet to be seen a decisive signal that the share price could stage a reversal play at this point, we advocate investors to look out for another strong volume share price surge above the RM4.87 resistance clusters and a bullish crossover of MACD histogram as a signal to enter the stock. Failure to perform a decisive breakout from the aforesaid resistance clusters will very much likely to result in the stock to be stuck in its sideways consolidation zone. Resistance levels are seen at RM4.87 (R1) and RM5.30 (R2), with supports located at RM4.60 (S1) and RM4.28 (S2).

Source: Kenanga Research - 28 Jun 2016