EKOVEST (Not Rated). On Tuesday, EKOVEST’s share price rose to a fresh all-time high of RM2.66 (up 7.0 sen or 2.7%). Earlier last month, the company had announced that it had secured its third highway concession, the DUKE2A, that will be linked to the existing DutaUlu Kelang Expressway. From a charting perspective, EKOVEST’s short-longer term trend is bullish with the share price firmly above all 3 key SMAs. Tuesday’s bullish move signalled yet another continuation of its prior uptrend after a brief week-long pause. From here, we expect EKOVEST to have a clear path towards RM2.80 (R1) and RM3.00 (R2), being the Fibonacci Extension levels. Downside support is located at RM2.55 (S1), failing which the RM2.41/2.44 (S2) levels should offer more support just below.

EKA (Not Rated). EKA’s share price rallied 2.0 sen (30.8%) to a 7-month high of RM0.085 on high trading volume of 13.0m shares. The share price has been bullish since it broke out of its sideways trend at RM0.05 (28-Dec) and had since climbed to a high of RM0.08 earlier in January before consolidating. Nevertheless, yesterday’s breakout signalled that the share price is poised to resume its bullish trend after pausing for breath over the past month. In fact, the RSI and Stochastic indicators have both crossed above the 50-point mark to reflect a shift to bullish momentum. From here, we expect a climb towards RM0.095 (R1) before a possible move to RM0.12 (R2) next. Support is located at RM0.07 (S1) and RM0.05 (S2) further below.

Source: Kenanga Research - 2 Feb 2017