HLBANK (Not Rated)

• HLBANK jumped 94 sen (4.9%) yesterday to close at day’s high of RM20.20. This comes after the bank had announced its quarterly results two days prior, which saw its 2Q17 earnings improved 24% YoY.
• From a technical standpoint, the stock has been in an uptrend since the start of December last year, leading all key SMAs in a fanning state.
• Coupled with positive signs from key indicators, expect bullish momentum towards resistances at RM20.64 (R1) and RM21.48 (R2).
• Conversely, should momentum fail to sustain, immediate supports can be found at RM19.28 (S1) and RM17.92 (S2).

NESTLE (Not Rated)

• NESTLE gained RM6.00 (4.9%) yesterday, closing at day’s high of RM128.10.
• The share has been trading in a strong uptrend since November last year, with the price leading all key SMAs upwards in the chart.
• With key indicators currently in a positive state, expect bullish momentum to continue towards next resistance at RM135.70 (R1) and RM143.10 (R2) higher up.
• Conversely, support levels can be identified at RM124.00 (S1) and RM112.20 (S2).

Source: Kenanga Research - 1 Mar 2018