TOPGLOV (Not Rated)

• TOPGLOV increased by 12.0 sen (+2.73%) to end at RM4.52 yesterday.
• Chart-wise, the share has been declining since early-June this year.
• Yesterday candlestick closed higher with the formation of a bullish candlestick, which was supported by strong buying volume. Coupled with an uptick in RSI and a bullish MACD, we expect the uptrend to persist.
• Should buying momentum persist we expect the share to test its overhead resistance at RM4.60 (R1) and RM4.80 (R2).
• Conversely, key support levels can be seen at RM4.30 (S1) and RM4.25 (S2).

FPI (Not Rated)

• FPI gained by 7.0 sen (+4.52%) to end at RM1.62 yesterday.
• Chart-wise, the share has been declining since late-February this year.
• Yesterday candlestick punched through the 20-Day SMA, which signified strong buying interest. Coupled with a bullish MACD Crossover and above average trading volume, we believe this could be a potential reversal.
• Should buying momentum persist, key resistance levels can be found at RM1.70 (R1) and RM1.80 (R2).
• Conversely, downside supports can be identified at RM1.52 (S1) and RM1.42 (S2).

Source: Kenanga Research - 5 Nov 2019