PMETAL (Not Rated)

• Yesterday, PMETAL gained 20.0 sen (+4.26%) to close at RM4.89.
• Technically, the share has been on a slight downtrend since March 2018. However, recent technical outlook has started to improve with the share punching through the key SMAs since mid last month. Both the 20 and 50-day SMAs are in a ‘Golden Cross’ state and key momentum indicators continue to show encouraging signals.
• We expect more upside room for PMETAL at RM5.11 (R1) and further towards RM5.28 (R2) should the first resistance be taken out.
• Conversely, downside bias should find support at RM4.84 (S1) and RM4.62 (S2).

GCB (Not Rated)

• Yesterday, GCB gained 10.0 sen (+5.56%), to close at RM1.90, with 1.7m shares exchanging hand, 4-folds its 20-day average.
• The share had decisively broken above its almost 3-month range-bound trading between RM1.65-RM1.85 with a long bullish candlestick formed.
• Technical outlook seemingly bullish at this juncture given momentum indicators are mostly leaning towards the upside with “Golden Cross” between key SMAs.
• Expect GCB to continue its uptrend towards RM2.00 (R1), with a decisive takedown seeing a higher resistance at RM2.20 (R2).
• Conversely, downside risks are seen at RM1.75 (S1) and RM1.65 (S2) further down.

Source: Kenanga Research - 8 Aug 2018