Daily technical highlights – (GCB,CARIMIN)

GCB (Not Rated)

• GCB rose 17.0 sen (+4.25%) to close at RM4.17 yesterday.
• Chart-wise, the share has been trading above all the key SMAs since mid-August 2019, and yesterday it has broken above the historical high with a long bullish candlestick.
• 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 RM4.40 (R1) and RM4.50 (R2)
• On the other hand, support levels can be found at RM3.85 (S1) and RM3.75 (S2).

CARIMIN (Not Rated)

• Yesterday, CARIMIN gained 6.0 sen (+5.66%) to close at RM1.12.
• Chart-wise, the share has broken above the previous high coupled with higher-than-average trading volume.
• 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 RM1.25 (R1) and RM1.30 (R2).
• Conversely, downside supports can be identified at RM0.900 (S1) and RM0.860 (S2).

Source: Kenanga Research - 3 Oct 2019