PENTA (Not Rated). PENTA’s share price has been registering new highs since December 2016. Yesterday, the share price rallied a good 30.0 sen (6.9%) to close at yet another all-time high of RM4.63. More importantly, it took out the key RM4.45 resistance level which it had tested over the past 2 weeks, potentially signalling a continuation of a prior uptrend after a brief pause. Indicators-wise, the MACD had just staged a bullish crossover above its Signal-line, and continues to remain healthily above the zero-mark. With the balance of evidence favouring the upside, strong momentum could be expected in the immediate term. Resistance levels to target are RM5.22 (R1) and RM5.70 (S2) further up, while support levels can be found at RM4.00 (S1) with a lower support of RM3.68 (S2).

MBSB (Not Rated). MBSB gained an impressive 11.0 sen (9.2%) yesterday to close at RM1.31, on the back of exceptional volume with 15.3m shares exchanging hands – nearly 6x its 20-day average of 2.8m shares. Yesterday’s move marks as a breakout from a prior downward consolidation since June, punching through its previous resistance at RM1.26. Likewise, indicators have also turned slightly bullish, as seen with upticks in key-indicators, with the MACD staging a bullish-crossover above its Signal line. From here, follow-through momentum would see the share trend towards overhead resistance at RM1.38 (R1), with another resistance higher up at RM1.50 (R2) if the prior is decisively breached. Downside support can be found at RM1.19 (S1), and further lower at RM1.13 (S2).

Source: Kenanga Research - 17 Aug 2017