MUDA (Not Rated)

• Yesterday, MUDA gained 9 sen (4.1%) to close at RM2.28.
• Overall, the share has seen an up and down seesaw since mid-Feb. Yesterday’s move further follows through its current short uptrend since early-April.
• From here, expect technical outlook to be bullishly biased, as backed by the “Golden Cross” among key SMAs, coupled with positive displays from key indicators and the increased trading volumes.
• Look out for resistances near its high at RM2.47 (R1) and RM2.78 (R2) further up. Conversely, downside supports can be found at RM2.16 (S1) and RM1.96 (S2).

QL (Not Rated)

• QL gained 17.0 sen (3.31%) yesterday to close at RM5.31.
• Overall, the share has been on a consistent uptrend for the past several years.
• Yesterday’s move broke out of its previous high at RM5.24 to potentially signal a continuation trend, with the share leading key SMAs upwards in the chart. Likewise, momentum indicators also saw minor upticks following yesterday’s move.
• From here, should the buying momentum sustain, expect resistances at RM5.60 (R1) and RM5.83 (R2).
• Conversely, the aforementioned RM5.24 (S1) would serve as a resistance-turned-support, with a lower support identified at around RM4.89 (S2).

Source: Kenanga Research - 3 May 2018