ATTA (Not Rated). ATTA advanced 11.0 sen (11.5%) yesterday, finishing at RM1.07. This was accompanied by exceptional volume, with 4.8m shares traded – triple its 20-days average of 1.6m. ATTA’s technical outlook is bullish indicated by the formation of a white “Marubozu” candlestick coupled with a decisive breakout from psychological level of RM1.00. Moreover, indicators are also in a bullish stance as MACD continues in leading its Signal line upward, whilst other oscillators showing upticks. We believe a follow-through buying could continue resulting in a climb towards next resistance level of RM1.17 (R1) and possibly RM1.29 (R2) further up. Conversely, levels are identified at RM0.98 (S1) and RM0.86 (S2).

MFLOUR (Not Rated). Yesterday, MFLOUR's share price spiked 15 sen (7.6%) before finishing at RM2.13 after a long 6- month period of consolidation. The move was supported by exceptional trading volume of 3.6m shares exchanging hands - almost ten fold its 20-day average volume. We believe yesterday's move might signal a start of a positive outlook after testing the support level of RM1.84 twice over the past 4 months. Indicator wise, the MACD line is currently above the signal line they are trading healthily above the zero-line. With that, we expect follow-through buying momentum towards RM2.25 (R1) with a further hurdle at RM2.34 (R2). On the other hand, key support levels can be found at a psychological level of RM2.00 (S1) with a lower support at RM1.84 (S2).

Source: Kenanga Research - 12 Jan 2018