CIMB (Not Rated)

• CIMB gained 10.0 sen (+1.74%) to close at RM5.85. Over the past week, the share had been rallying ahead of its quarterly result, which was released yesterday.

• Overall technical outlook is bullish with its momentum indicators in positive mode. More notably, yesterday’s move saw it broke above both the 50 and 100-day SMA, which may signal more upside.

• From here, we expect the share to test its immediate psychological resistance of RM6.00 (R1) where a break above it will see next resistance at RM6.30 (R2).

• Conversely, any downside movement to RM5.70 (S1) support level will be a good opportunity for investors to collect while a break below RM5.20 (S2) will be deemed highly negative.

TAKAFUL (Not Rated)

• TAKAFUL climbed 7.0 sen (+1.82%) to end at RM3.92 yesterday, with a bullish “Marubozu” candlestick formed.

• Yesterday’s move resulted in a decisive breakout from its RM3.84 resistance level; potentially serving as a signal for next higher high.

• Momentum indicators are seemingly bullish with a MACD in bullish crossover, coupled with upticks in RSI and stochastic.

• Should it manage to break above the RM4.00 (R1) resistance, next advancement towards RM4.26 (R2) is expected.

• Immediate downside supports can be found at RM3.85 (S1) and RM3.80 (S2) next at 50-day SMA level.

Source: Kenanga Research - 30 Nov 2018