ELKDESA (Not Rated)

• ELKDESA gained 4.0 sen (+2.42%) to close at RM1.69 yesterday.
• The share has been trending gradually upwards while respecting its 20-Day SMA.
• We see room for the share to advance higher as its RSI is currently hovering at neutral levels. In addition, all key SMAs appear to be healthy.
• Should the share continue to respect its 20-Day SMA, key resistance levels can be found at RM1.75 (R1) and RM1.90 (R2).
• Conversely, downside supports can be identified at RM1.60 (S1) and RM1.50 (S2).

WELLCAL (Not Rated)

• WELLCAL gained 2.0 sen (+1.72%) to end at RM1.18 yesterday.
• Chart-wise, the share has been on a down trend since late-November in 2017.
• The share managed to break above its 20-Day SMA (immediate resistance).
• However, given the lacklustre trading volume and the fact that the underlying major trend still remains bearish, we opt to believe that there is more downside risk.
• Should the bear market persist, key support levels can be found at RM1.10 (S1) and RM1.00 (S2).
• Conversely, overhead resistances can be identified at RM1.20 (R1) and RM1.30 (R2).

Source: Kenanga Research - 15 Aug 2019