PHARMA (Not Rated)

• PHARMA gained 8.0 sen (+3.25%) yesterday to close at RM2.54.
• Chart-wise, the share appears to have bottomed out from the downtrend with strong upward movement over the past two weeks.
• Yesterday’s move saw the share attempting to break above the 100-day SMA.
• Should it be able to break above the 100-day SMA, the share may then rally further to its resistances at RM2.75 (R1) and RM2.90 (R2).
• Conversely, downside supports can be found at RM2.40 (S1) and RM2.25 (S2).

CANONE (Not Rated)

• CANONE climbed up 13.0 sen (+4.21%) to end at RM3.22.
• Yesterday’s rally was backed by strong trading volume. More notably, it broke above its 20-day SMA, possibly indicating more upward movements.
• Stochastic indicator also appears to be rebounding from the oversold zone.
• From here, the share may rally further up to its resistance at RM3.40 (R1) and even RM3.80 (R2).
• Conversely, supports are identified at RM3.05 (S1) and RM2.80 (S2) if the buying momentum does not sustain.

Source: Kenanga Research - 30 Apr 2019