FPGROUP (Not Rated)

• FPGROUP gained 1.5 sen (+2.47%) to close at RM0.415 yesterday.
• The share has been on a rally after breaking above all its key SMAs in August (after releasing a good set of results).
• However the rally appears overextended and we opine the share should undergo a consolidation or retrace closer to its moving averages in the near term.
• Key support levels to look out for are RM0.390 (S1) and RM0.350 (S2).
• Nevertheless, should buying momentum continue, resistances can be found at RM0.455 (R1) and RM0.520 (R2).

GTRONIC (Not Rated)

• Yesterday, GTRONIC rose 6.0 sen (+3.37%) to end at RM1.84.
• Chart-wise, the share has been slowly inching upwards after its plunge in early-Aug 2019. Yesterday’s close saw the formation of a long bullish candlestick, indicating buying momentum.
• Coupled with encouraging signals from key momentum indicators and the fact that the share remains above its key SMAs, we believe buying momentum could remain strong.
• From here, resistances can be found at RM1.90 (R1) and RM2.07 (R2).
• Conversely, downside supports can be identified at RM1.80 (S1) and RM1.72 (S2).

Source: Kenanga Research - 20 Sept 2019