Daily technical highlights – (CCM, FPGROUP)

CCM (Not Rated)

• CCM fell 4.0 sen (-2.45%) to end at RM1.59, yesterday.
• Chart-wise, the share has been on a downtrend since breaking below its 100-day SMA. However, we opine that the correction could be overdone.
• We also note the formation of a candlestick with a long lower wick which potentially signifies returning buying interest.
• Key support levels can be identified at RM1.55 (S1) and RM1.48 (S2). Conversely, resistance levels can be found at RM1.65 (R1) and RM1.74 (R2).

FPGROUP (Not Rated)

• FPGROUP gained 4.0 sen (+9.20%) yesterday to close at RM0.475.
• The share has been on a rally since it bounced off its 100-day SMA in August 2019.
• Given that the RSI indicator has just only crossed into the overbought territory and is not in heavily overbought condition, we believe there is still room for upside.
• Key resistance levels to keep an eye on are RM0.505 (R1) and RM0.555 (R2) as the resistance levels.
• On the other hand, any further downside should see support at RM0.445 (S1) and RM0.415 (S2)

Source: Kenanga Research - 17 Oct 2019