RGB (Trading Buy, TP@RM0.32). After undergoing a month of consolidation period, RGB had regained investors' interest to stage a technical breakout by surging 2.5 sen (9.62%) to RM0.285. With the stock trading above all its key moving averages while MACD histogram is portraying a bullish crossover above its signal line, RGB is poised to test its immediate resistance level of RM0.295/RM0.30 (R1) soon. If the stock managed to take out the psychological S1 level swiftly, further upside is envisaged at RM0.32 further (3 bids below RM0.335 (R2)). Immediate support level is noted at RM0.27 ( S1) and to be followed by RM0.245 (S2), while the stop-loss level is placed at RM0.255 (3 bids below S1)).

TOPGLOV (Not Rated). With the stronger greenback as of recent, TOPGLOV has been attracting follow-through buying interest to rebound from trend channel support line to settle above its short-and-mid term SMAs. MACD histogram has staged a bullish crossover above the zero-line, while the hook-up in RSI and Stochastic are suggesting that buying interest is pilling up on the stock. From here, TOPGLOV is expected to climb towards its trend channel resistance line of RM5.40 (R1), whereby a technical breakout of this level would see it gear towards RM5.85 (R2) in the near-to-mid term. Key support levels are located at RM4.90 (S1) and RM4.75 (S2).

Source: Kenanga Research - 20 Dec 2016