Daily Technical Highlights – (INARI,PIE)
 

INARI (Not Rated)

• INARI rose 8.0 sen (+4.4%) to close at RM1.90 yesterday.

• Chart-wise, the share has broken above the previous peak at RM1.85 with higher-than-average trading volume indicating a strong bullish sentiment.
• Coupled with bullish MACD indicator, we believe that the share could move higher.
• Should buying momentum persists, we expect the share to test the resistance level at RM2.20 (R1) and RM2.40 (R2)
• On the other hand, support levels can be found at RM1.60 (S1) and RM1.40 (S2).

PIE (Not Rated)

• Yesterday, PIE gained 8.0 sen (+6.40%) to close at RM1.33.
• Chart-wise, the share has broken above all the key SMAs yesterday with huge trading volume signalling a strong buying pressure over the company’s share.
• Besides, the bullish MACD indicator further support the bullish sentiment, hence we believe that the share could trend higher.
• Should the buying interest persist, the key resistance levels to look out for are RM1.50 (R1) and RM1.65 (R2).
• Conversely, downside supports can be identified at RM1.10 (S1) and RM1.00 (S2).

Source: Kenanga Research - 2 Oct 2019