PWORTH (Not Rated). PWORTH’s share price rose 2 sen (8.3%) to finish at RM0.26 yesterday. Earlier in March, PWORTH broke out of its sideways trend at RM0.12 and subsequently kicked off a strong 3-month rally to as high as RM0.33. The share price subsequently pulled back to RM0.20 where it now appears to have bottomed out. Note that yesterday’s bullish move resulted in a breakout above the downtrend resistance, while at the same time, the 20-day SMA has also completed a “Golden Crossover” with the 50-day SMA. From here, bias is now on the upside where investors may consider targeting the RM0.28 (R1) and RM0.33 (R2) resistance levels. Any weakness towards RM0.25 (S1) may be viewed as an opportunity to buy on weakness. Further below, the next resistance is located at RM0.235 (S2).

MBL (Not Rated). MBL’s share price closed at a 4-year high yesterday after the share price rose 6 sen (5.4%) to RM1.18. Prior to yesterday’s bullish move, MBL’s share price had been stuck in a range-bound mode between RM1.00 – RM1.17 for more than a year. Nevertheless, yesterday’s breakout above the crucial RM1.17 resistance confirmed the “Rectangle” chart pattern, indicating that the share price is poised to climb further in the weeks ahead. Key momentum indicators have also hooked upwards to reflect this sudden shift in sentiment. From here, immediate resistance levels to target are RM1.26 (R1) and RM1.33 (R2). Downside support levels are present at RM1.15/RM1.17 (S1) and RM1.07 (S2) below

Source: Kenanga Research - 26 Sept 2017