TECFAST (Not Rated). TECFAST rose 4.5 sen (6.7%) yesterday to finish at RM0.72 on increased trading volume of 7.3m shares. The share price has been on a steady uptrend since March, after broken out of its sideways mode, hovering at RM0.23. Despite more than tripling since, TECFAST’s overall technical picture remains positive with the share price firmly above the key SMAs and momentum indicators in a bullish state. In fact, the share price is now poised for another leg higher with yesterday’s consolidation breakout. Immediate resistance levels to look out for are RM0.75 (R1) and RM0.80 (R2) while downside support levels are RM0.67 (S1) and RM0.60 (S2).

JFTECH (Not Rated). Similarly, JFTECH saw its share price rallying 20.0 sen (11.2%) to RM1.98. Trading volume rose to 3-fold the daily average, clocking in at 2.5m shares for the day. Historically a quiet stock, the share price commenced its uptrend in end-March, and had since climbed from RM0.63 to as high as RM2.07. Recent three weeks has seen the share price coming under mild profit taking. However, yesterday’s bullish move signals a resumption of its prior uptrend. At the same time, the RSI and Stochastic indicators have both hooked upwards to reflect this pick-up in momentum. From here, expect a retest of its RM2.07 (R1) high, before a potential move towards the RM2.19 (R2) resistance further up. Downside support levels are RM1.75 (S1) and RM1.59 (S2).

Source: Kenanga Research - 30 Jun 2017