TOPGLOV (Not Rated). TOPGLOV was traded in a bearish trend since the start of the year, with the share price losing 40% from its RM7.03 high (Jan) to as low as RM4.20 (Aug). Nevertheless, the technical picture has now improved significantly following yesterday’s bullish move. TOPGLOV rose 18 sen (+3.7%) to a 3-month high of RM5.00, and has also broken above the crucial 23.6% Fibonacci Retracement hurdle in the process. This follows an earlier “Golden Crossover” by the 20- and 50-day SMAs which signal that a short-medium term uptrend is taking shape. From here, expect bias to be to the upside, with immediate resistance at RM5.28 (R1). Beyond that, further resistances to look out for are RM5.62 (R2) and RM5.95 (R3). Downside support levels are RM4.87 (S1) and RM4.50 (S2) further below.

HARTA (Not Rated). Since early-May, HARTA has picked itself up to rebound from its 4-months share price correction. The stock has been on a gradual uptrend trajectory since, whereby it rose another 8.0 sen (1.74%) to set a higher high above its key resistance-turned-support level of RM4.62 (S1) to close at RM4.68. Besides, the share price is also well supported by all its key moving averages. With the pilling buying momentum on the stock showcased by the RSI indicator, the stock could set sight on a higher high towards RM4.75 (R1) and possibly RM4.85 (R2) next. Downside support is located at RM4.62 (S1) followed by RM4.40 (S2).

Source: Kenanga Research - 28 Sep 2016