INARI (Take Profit @ RM1.99)

• 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 (Not Rated)

• 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