WILLOW (Not RatedYesterday, WILLOW closed at a fresh all-time high after the share price gained 5.5 sen (6.0%) to RM0.965. Chartwise, WILLOW’s short- and long-term trends are positive as the share price held up firmly above all three key SMAs. More recently, the share price gapped up (on 17th March) following an announcement that the company had secured a RM7.8m contract from TNB. The share price subsequently consolidated sideways on low volume over the following two weeks. Nevertheless, yesterday’s breakout signals a continuation of its prior uptrend. With the RM0.96 resistance now taken out, the next resistances to look out for are RM1.00/1.04 (R1) and RM1.08 (R2) next. Downside support levels are RM0.90 (S1) and RM0.84 (S2) below.

MIECO (Not Rated). MIECO has been consolidating within a range of RM1.87-RM2.18 over the past two months. Yesterday, the share price garnered strong investors' interest to stage a breakout from its consolidation zone, closing 21.0 sen (10.05%) to close at RM2.30. The MACD had staged a bullish crossover of its Signal line to lay a hand on the bullish-bias outlook, on the back of strong upticks displayed by RSI and Stochastic. From here, we opine that the stock could look to gear further up towards RM2.48 (R1) and possibly RM2.67 (R2). Supports are seen at RM2.18 (S1) followed by RM1.87 (S2) further south.

Source: Kenanga Research - 4 Apr 2017