• INARI gained 3.0 sen (+1.53%) to close at RM1.99 yesterday.
• Since our ‘Trading Buy’ call earlier in the week, the share has seen the anticipated rebound, reaching a high of RM2.04 yesterday. Notably, yesterday’s candlestick closed to form a “Doji” with a longer upper wick which signifies indecision. Volume during the rebound has also been decreasing leading us to believe that the rebound may be losing momentum.
• As such, we have decided to take profit for now, reeking in gains of 11% in only a span of 3 days, ahead of market uncertainties from Budget 2019 coupled with anticipated Apple Inc’s results release. However, we may re-look should a reentry opportunity becomes attractive.
• Should the buying momentum persist, we look at RM2.03 (R1) and RM2.20 (R2) as resistances. Conversely, any downside bias should see supports at RM1.82 (S1) and RM1.64 (S2).
• AMBANK climbed 8.0 sen (+2.10%) to end at RM3.88
• The share had been on a rally over the past two trading days and is looking to break above the 100-day SMA, which has proven to be a strong resistance level.
• Should the share continue its rally and be able to break above RM4.00 (R1) where the 100-day SMA is, next resistance level will be at RM4.15 (R2).
• On the other hand, downside supports are identified at RM3.75 (S1) and RM3.40 (S2).
Source: Kenanga Research - 2 Nov 2018
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