LIONIND (Not Rated). Despite the weaker performance on the broader market, steel and aluminium-related counters rose with LIONIND surging 11.0 sen (9.8%) to finish at the day’s high of RM1.23. Earlier in the year, LIONIND kicked off a strong uptrend, having climbed from RM0.40 to as high as RM1.28 in June. The share price subsequently consolidated back to RM1.09 amid subdued trading volumes. Nevertheless, the share price is now poised to resume its prior uptrend, following yesterday’s bullish move. With the MACD and RSI both looking upwards into the positive territory, we expect bias to be on the upside from here. Overhead resistance levels include the June high of RM1.28, where a breakout would set our sights on RM1.43 (R2) next. On the flipside, support levels are RM1.12 (S1) and RM1.04 (S2) below.
ANNJOO (Not Rated). ANNJOO shot up yesterday by 17.0 sen (5.6%) to close at RM3.21, on the back of increased trading volume with 2.1m shares exchanging hands, nearly 3.6x its 20-day average of 578k shares. Yesterday’s move marks as a breakout from a month-long consolidation, potentially signalling a continuation of a prior uptrend. Likewise, keyindicators have also turned positive, with upticks from the RSI and the MACD staging a bullish crossover against its Signalline. From here, follow-through momentum could see the share trending towards its high at RM3.55 (R1), while a decisive break beyond would see a higher resistance at RM3.92 (R2). On the downside, supports can be found at RM2.95 (S1) and lower down at RM2.77 (S2).
Source: Kenanga Research - 10 Aug 2017
Chart | Stock Name | Last | Change | Volume |
---|