MAGNI (Not Rated)

• MAGNI rose 18.0 sen (+3.86%) to close at RM4.84 yesterday.
• Chart-wise, the share has been on a downtrend since mid-June last year. However, buyer interest resumed in early-January and brought the share to trade above all key SMAs.
• Yesterday share gapped up on the back of above average trading volume, coupled with a positive bias in all key SMAs have led us to believe the share could trend higher moving forward.
• Should buying momentum persist, we expect the share to test its resistance at RM5.05 (R1) and RM5.50 (R2) next.
• Conversely, key support level can be seen at RM4.50 (S1) and RM4.20 (S2).

QES (Not Rated)

• QES gained 1.0 sen (+4.08%) to close at RM0.255 yesterday on the back of stronger-than-average trading volume with 27.2m shares exchanging hand, almost doubled it 20-day average.
• Notably QES technical picture is now improving with price decisively breaking above the 100-day SMA.
• Momentum indicators appear favouring the upside as displayed by the MACD in bullish crossover and upwards trending in RSI and Stochastic.
• Expect follow through-buying towards RM0.260 (R1) with a decisive breakout seeing higher resistance towards RM0.305 (R2)
• Conversely, if buying momentum sustain, expect support levels at RM0.230 (S1) support level and RM0.200 (S2).

Source: Kenanga Research - 20 Mar 2019