UCHITEC (Take Profit @ RM2.66).

• We are closing our position on UCHITEC, opting to secure total returns of 3.7% (includes dividend yields) since our first call on the stock on 4 Oct 2017. Yesterday, the share closed at RM2.66.
• Technical outlook has deteriorated in recent weeks, with major SMAs staging a “Death-Cross” coupled with deteriorating displays from key indicators.
• Immediate resistance level to look out for is RM2.75 (R1) and RM2.86 (R2) further up.
• Conversely, immediate support level can be found at RM2.63 (S1) and RM2.50 (S2) next.

MITRA (Close Position @ RM0.615)

• MITRA encountered intense selling pressure and has broken below a crucial support near RM0.660.
• Overall technical picture is bearish with SMAs in “Death Crossover” state whilst MACD is in the midst of a downtrend.
• Believe the technical outlook could remain negative amid weak market breadth in recent days, we opt to close our position. Moving forward, the stock’s support levels can be identified at RM0.500 (S1).
• Conversely, a resistant can be identified at RM0.660 (R1) and RM0.810 (R2).

Source: Kenanga Research - 30 Mar 2018