MYEG (Not Rated)

• Yesterday, MYEG gained 8.0 sen (+6.11%) to close at RM1.39.
• Chart-wise, the share has been consolidating near its 20-day SMA after staging a rally in mid-July. Notably, yesterday’s close was a break above its recent swing high of RM1.36 accompanied by above-average trading volume. Coupled with continued positive signals from key momentum indicators, this could suggest a continuation of its July rally.
• From here, we expect MYEG to advance further towards its resistances of RM1.50 (R1) and RM1.68 (R2) should the first resistance be taken out.
• Any downside bias should see support at RM1.36 (S1) and RM1.28 (S2).

KGB (Not Rated)

• KGB gained 5.5 sen (+6.67%) to close at RM0.880 yesterday.
• Overall, KGB has been consolidating within an ascending triangle since mid-April. Yesterday’s close represented a breakout from the ascending triangle on the back of above-average trading volume. Key SMAs and momentum indicators continue to show meaningful upticks suggesting a possibility of a continuation rally.
• Expect the share to test resistances of RM0.900 (R1) and should the first level be broken, we look towards RM0.960 (R2) as the next resistance.
• Conversely, support levels can be identified at RM0.860 (S1) and RM0.820 (S2).

Source: Kenanga Research - 24 Aug 2018