MYEG (Not Rated)

• MYEG gained 5.0 sen (+3.15%) to close at RM1.64.
• The share had been riding on a bullish run over the past two weeks, accompanied by strong trading volumes.
• However, yesterday’s candlestick resembles a ‘Shooting Star’ and may signal a bearish reversal.
• We do not discount a possibility of a retracement towards its support levels at RM1.46 (S1) and even RM1.15 (S2).
• Should the rally continue, resistance is seen at RM1.70 (R1) and RM1.95 (R2).

MEXTER (Not Rated)

• MEXTER gained 3.0 sen (+7.89%) to close higher at RM0.410 underpinned by stronger-than average trading volume.
• Technical outlook is mildly positive at this juncture backed by momentum indicators still displaying some weaknesses as indicated by the flat-lining of the MACD with minor upticks seen in RSI and Stochastic.
• Nevertheless, the share managed to close above all key SMAs which currently in “Golden Crossover” state.
• From here, should the buying momentum be sustained, look out for resistance level at RM0.455 (R1) with a decisive breakout will see the share advancing towards RM0.500 (R2)
• Conversely, support levels are identified at RM0.350 (S1) and RM0.310 (S2) further down.

Source: Kenanga Research - 6 Sept 2018