TOPGLOV (Not Rated)

• Yesterday, TOPGLOV declined by 4.0sen (-0.86%) to close at RM4.60.
• The stock has been on a downtrend since the formation of a “Double Top” in mid-May.
• Yesterday candlestick formed a third black candlestick, which indicates the strong selling pressure. Given the weakness displayed in both its RSI and Stochastic indicator, we believe the stock could trend lower.
• With that, we see downside support at RM4.50 (S1) and RM4.30 (S2).
• Conversely, overhead resistance can be seen at RM4.90 (R1) and RM5.00 (R2).

GCB (Not Rated)

• GCB closed higher by 18.0 sen (+5.14%) to end at RM3.68.
• The chart has been consolidating since mid-June.
• Yesterday candlestick formed a “Marubozu” candlestick and closed above the stock’s 20-Day SMA. Coupled with above average trading volume and uptick in key technical indicators, we expect further upside to be seen.
• Should buying momentum persist, overhead resistances can be seen at RM3.90 (R1) and RM4.40 (R2).
• Conversely, key support level can be seen at RM3.10 (S1) and RM2.70 (S2).

Source: Kenanga Research - 18 Jul 2019