ANNJOO (Not Rated). ANNJOO rose 4.0 sen (3.48%) with high trading volume to break out from its consolidation zone, settling at RM1.19 on Tuesday. The positive manoeuvre came in tandem with a bullish crossover from the MACD histogram above the zero-line, as well as a hook up in RSI and Stochastic indicators. From here, the path seems clear for the share price to retest its previous high level of RM1.26 (R1) whereby a breakout from this level could lead the stock to conservatively set sight on RM1.33 (R2) next. Interested investors should be aware of the stock’s key support levels that are located at RM1.18 (S1) followed by RM1.05 (S2).
JHM (Not Rated). On Tuesday, JHM had surged 13.0 sen (12.87%) to stage a breakout from its ‘Flag’ chart pattern to close at RM1.14. The primary trend of the share price is up at this juncture, supported by all its key SMAs. MACD histogram has also just staged a bullish crossover from its signal line, while the up-trending RSI and Stochastic are suggesting that buying interest on the stock has resurfaced. All in, we reckon that the share price could look to ride on follow-through buying interest towards RM1.25 (R1) and RM1.34 (R2) next based on the ‘Flagpole’ measurement objective. Key support levels are tied to RM1.00 (S1) and RM0.95 (S2) respectively.
Source: Kenanga Research - 8 Jul 2016
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