PADINI (Not Rated). PADINI’s share price rose to a fresh all-time high yesterday with a 12.0 sen (3.9%) gain to RM3.16. Chart-wise, PADINI’s short- and long-term trends are positive. In fact, the share price has now confirmed a “Cup & Handle” pattern as a result of yesterday’s bullish move. At the same time, the MACD indicator has just crossed above its Signal line, while the RSI and Stochastic have hooked upwards into bullish territory. From here, expect PADINI to chart further gains towards RM3.50 (R1) and RM3.77 (R2) before reaching the RM3.87 measurement objective. Any pullbacks towards the RM3.08 (S1) resistance-turned-support may offer buying opportunities, although a move below RM2.92 (S2) would be highly negative for the stock.
 

MLAB (Not Rated). MLAB saw its share price climbing 3.0 sen (26.1%) to finish at RM0.145 - a two-year high. Until yesterday’s bullish move, trading activity in this stock had been muted. That being said, the bullish move yesterday reflected a sudden burst in buying interest, evidenced by the formation of a “Marubozu” candlestick. Coupled with the upwards climb in the key momentum indicators, traders may expect the share price to chart further gains from here. Immediate resistance levels to look out for are RM0.155 (R1) and RM0.175 (R2). In contrast, downside support levels can be found at RM0.135 (S1) and RM0.115 (S2) below.

Source: Kenanga Research - 20 Apr 2017