PIE (Not Rated)

• Last night, PIE gained 5.0 sen (+3.45%) to close at RM1.50.
• The gain was in tandem with the overall positive market sentiment as shown by gains in both FBMKLCI (+0.56%) and KL Technology Index (+2.85%).
• Despite the gain, near-term technical outlook does not display any prominent sign of a bullish run yet. Moreover, the stochastic indicator is in the oversold zone.
• The share is likely to retrace back to its support levels of RM1.35 (S1) and RM1.25 (S2).
• Should market sentiment continue to improve, resistances can be found at RM1.65 (R1) and RM1.80 (R2).

AMBANK (Not Rated)

• AMBANK rose 24.0 sen (+5.53%) to close at RM4.58 on the back of stronger trading volume with 5.5m share exchanging hand, almost doubled its 20-day average.
• The share has been on an uptrend since late-October with yesterday’s move resulting in a formation of bullish “Marubozu” candlestick, potentially suggesting that buying momentum is yet to be over.
• Thus, should positive momentum continues, we expect the share to find overhead resistance at RM4.66 (R1) and RM4.90 (R2).
• Conversely, immediate downside supports can be found at RM4.31 (S1) and RM4.18 (S2) further down.

Source: Kenanga Research - 8 Jan 2019