GBGAQRS (Not Rated). GBGAQRS advanced 7.0 sen (3.5%) yesterday, closing at RM2.05. This was accompanied by strong trading volume, with 2.2m shares exchanging hands – more than double of its 20-day average. Notably, yesterday’s move marks its first breakout from 2-month long sideways consolidation, potentially signalling a continuation of prior uptrend. Likewise, MACD crossing above Signal and Zero lines coupled with uptick in RSI are suggesting upside bias at this juncture. Thus, we reckon that a follow-through buying could drive the price towards resistance placed at RM2.30 (R1) and possibly RM2.47 (R2) further up. Conversely, downside supports can be identified at RM1.88 (S1) and RM1.73 (S2).

SERBADK (Not Rated). SERBADK's share price rallied 18.0 sen (5.4%) before finishing at an all-time high of RM3.52. Yesterday's breakout was supported by high trading volume of 5.6m shares - *more than twice its 20-day average volume. We believe yesterday's move signals a continuation of a prior uptrend since the start of February 2017. Chart-wise, the share price is currently leading key SMAs and the MACD indicator showed a positive uptick with a 'bullish crossover' on the Signal line. With that, we expect follow-through buying momentum towards RM3.72 (R1) with a further psychological hurdle at RM4.00 (R2). On the other hand, key support levels can be found at RM3.24 (S1) where investors may consider buying on pullbacks, and a lower support at RM3.06 (S2).

Source: Kenanga Research - 5 Jan 2018