PARKSON (Not Rated)

• PARKSON rose by 2.0 sen (+7.55%) yesterday to close at RM0.285.
• Chart-wise, the share has broken above all of its key SMAs which could indicate a shift in momentum. Coupled with yesterday’s close that supported above its 100-day SMAs on the back of exceptional trading volume, we believe there could be more upside.
• Should buying momentum continue, we expect the share to test its resistance at RM0.300 (R1) and further ahead at RM0.325 (R2).
• Conversely, downside supports can be found at RM0.265 (S1) and RM0.235 (S2).

TEOSENG (Not Rated)

• TEOSENG advanced by 9.0sen (+7.50%) to close at RM1.29 yesterday.
• The share has been on a rally since mid-September with shorter-term SMAs trending above longer term SMAs currently.
• Yesterday’s positive movement suggested a strong buying momentum which resulted in the formation of a “Marubozu Candlestick”. Coupled with positive upticks in the key technical indicators, we reckon the share could potentially trend higher.
• From here, we expect the share to further rally towards RM1.32 (R1) and RM1.40 (R2).
• Conversely, downside risks are identified at RM1.23 (S1) support level and RM1.16 (S2).

Source: Kenanga Research - 15 Mar 2019