TIMECOM (Not Rated)

• TIMECOM gained 21.0 sen (+2.36%) to close at RM9.11 yesterday.
• Chart-wise, the share has broken above the key SMAs coupled with higher-than-average trading volume signalling that the share could move higher.
• Besides, we noted that the breakout formed yesterday also shown the completion of the “Rounding Bottom” chart pattern which further support the bullish trend.
• Should the upside momentum continue, the resistance level can be found at RM9.30 (R1) and RM9.60 (R2).
• Conversely, support level can be found at RM8.80 (S1) and RM8.50 (R2).

REDTONE (Not Rated)

• REDTONE gained 2.0 sen (+5.13%) to end at RM0.410, on the back of stronger-than-average trading volumes.
• Chart-wise, the share has been on a steady uptrend after bottoming out in Dec’18.
• Of late, the share has been trading above all of its key SMAs. Coupled with a bullish MACD crossover, we believe that there could be more upside.
• Should buying momentum persist, overhead resistances can be seen at RM0.515 (R1) and RM0.565 (R2).
• Conversely, key support levels can be identified RM0.340 (S1) and RM0.275 (S2).

Source: Kenanga Research - 29 Aug 2019