FGV (Not Rated). Yesterday, FGV’s share price slipped 2 sen (1.0%) to finish at RM2.02. Trading volume was comparatively muted, as was the case these past three weeks. On the daily chart, FGV has been trading within a well-defined uptrend channel since November last year, having gained from as low as RM1.42 to a recent high of RM2.18 last month. Although the share price has since consolidated to yesterday’s closing price of RM2.02, FGV’s short-medium term uptrend channel remains largely intact with overall bias still to the upside. From here, we reckon that strong support is likely to emerge at RM1.97/RM2.00 (S1) support and this would represent a level where investors may consider accumulating the stock. Failing which, further support is present at RM1.80 (S2). On the contrary, major resistances are seen at RM2.18 (R1) and RM2.40 (R2).

M3TECH (Not Rated). M3TECH saw its share price gain 1 sen (12.5%) to RM0.09 on active trading after the company announced that it had entered into a MOU with MNC Wireless Berhad for the collaboration and development of an inclusive e-commerce platform with integrated payment gateway solutions and end-to-end logistics support. Until recently, the share price had been on a sideways trend between RM0.045-RM0.06 since August, but finally broke out of this race earlier this month. M3TECH’s technical picture is increasingly positive, with the share price now above all three key SMAs and MACD on a rising trend. From here, it is expected that M3TECH to be positively biased towards the immediate resistance level of RM0.10 (R1) and RM0.115 (R2) next. Immediate support is present at RM0.08 (S1) and RM0.07 (S2) further down.

Source: Kenanga Research - 14 Apr 2017